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What expenses can I deduct in Schedule E and what is Qualified vs Non-Qualified Interest?

Where do I enter the cost data?  Sometimes TT prompts differently as I review my entries, at a later time/day.

 

AmyC
Expert Alumni

What expenses can I deduct in Schedule E and what is Qualified vs Non-Qualified Interest?

1. A co-op means you own your share of building, not the land. As part of the co-op, you do share in the expenses for the common area but it is not part of your basis. Your 2008 closing documents will serve as your starting point.

2. Personal days are the days you used it for you to enjoy not to do work and be sure things were working and clean. it doesn't sound like you had any personal use days. If you let a friend or relative stay there, that would be personal use. 

3. Basis for depreciation is the lower of basis (cost plus improvements) or fair market value.

4. The basis is entered in the asset section of the rental. You may have furniture and other items to depreciate.

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