You'll need to sign in or create an account to connect with an expert.
When the residence was your personal home you deduct the mortgage interest paid on Schedule A as an itemized deduction.
When the residence was a rental you enter mortgage interest paid as an expense on Schedule E.
i would say you need to split rather than prorate. the interest you paid before converting would be personal and the interest you paid after would be rental. same with property taxes.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
helpinMI
New Member
lucyx513
Returning Member
ackerc21
New Member
sockfight-1
Returning Member
prherr
Level 2