I rented out my house in July 2019. Do I put a low...
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Level 2

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

 
8 Replies
Level 15

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

 
Level 15

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

Need more info:

 

Was this a new rental ? 

Was this a conversion from personal use to rental where you moved out completely ?

Was this your personal residence where you live and you only rented it(or part of it) for a short time but never really moved out ? 

Level 2

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

Good Morning,

 

Yes, this is a new rental.

 

Yes, it was a conversion from my personal residence to a rental.  I have moved out completely and now live elsewhere.  

 

Thank you for your help!

Level 2

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

Good Evening,

 

Yes, this is a new rental.

 

Yes, it was a conversion from my personal residence to a rental.  I have moved out completely and now live elsewhere.  

 

Thank you for your help!

Expert Alumni

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

You may have to do some kind of allocation. The rest will go to your schedule E as expenses.

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Level 15

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

 
Level 15

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

Follow the interview questions carefully ... you can either prorate the common expenses between the Sch A and Sch E yourself  OR allow the program to do it for you  but either way  you MUST pay attention to this screen below ... your personal use days do NOT NOT NOT include the days you lived in the home PRIOR to the conversion ... mess up this screen and the entire section is wrong ...

 

rental conversion 3.PNGrental conversion 2.PNG

Level 2

I rented out my house in July 2019. Do I put a lower amount in box 1 of form 1098 in the deductions area if I included a portion of it in my rental property expenses?

Thank you!  That helps a lot!

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