Hello,
I closed on a rental property in December of 2024.
Some work was done on it and it got listed for renting in Feb 2025 (let's assume Feb 15, 2025). It's still not rented.
My questions are
The date you started advertising the property and it was available for rent is the date it was placed in service, February 15, 2025 based on your information shared.
You will not enter it as a rental property on your 2024 tax return. You are allowed to claim mortgage interest on Schedule A for your primary residence and one additional property. If this property would qualify under those circumstances, then you could claim the mortgage interest paid in 2024 on your 2024 return.
The date you started advertising the property and it was available for rent is the date it was placed in service, February 15, 2025 based on your information shared.
You will not enter it as a rental property on your 2024 tax return. You are allowed to claim mortgage interest on Schedule A for your primary residence and one additional property. If this property would qualify under those circumstances, then you could claim the mortgage interest paid in 2024 on your 2024 return.
Thanks @AnnetteB6
You are allowed to claim mortgage interest on Schedule A for your primary residence and one additional property. If this property would qualify under those circumstances, then you could claim the mortgage interest paid in 2024 on your 2024 return.
I have 3 other rental properties and Turbo Tax asks me to enter the mortgage interest for each of them. Does this mean the above quoted conditions don't apply to my situation?
Or do I qualify because this 'new' property hasn't been rented yet? If so, how do I capture the mortgage interest (I don't own a primary residence)?