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loubassett
New Member

Mortgage Interest on House that was converted to rental during 2016

In section re: Rental Income I entered full amt of mortgage interest & taxes for home that was my primary home part of year then converted to rental in August.  Also entered # of days it was home vs rental.  Assume Turbo Tax will now allocate those amts accordingly and I do not need to enter anything further in deducts section- correct?
1 Reply
Critter
Level 15

Mortgage Interest on House that was converted to rental during 2016

Correct ... it should allocate the mortgage interest and property taxes between the Sch E and the Sch A ... do not enter the amounts again.  But double check all is right before you file. 

And FYI ... in the rental section ... the personal use days should be ZERO if once you converted it you did not use it personally after the conversion.  If you enter personal use days then it will put you into the Vacation home rules ( like if you had a cabin that you rented sometimes and used it yourself sometimes) which you do not want. Again ... review everything carefully.

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