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Started renting out house in 4 months of 2023, how do I divvy up insurance, property taxes, and mortgage interest?

I'm trying to figure out how best to enter insurance, real estate taxes, and mortgage interest into turbotax given I lived in the house for 265 days and renting it out for 100 days.

 

I lived in this house as a primary residence before I moved out and rented it out starting September 23, 2023. When TurboTax asks me about insurance, real estate taxes, and mortgage interest for the rental, do I just enter 100 days worth of insurance, real estate taxes, and mortgage interest? Or do I enter the full amount?

 

Also, when I get to the deductions page and it asks me about the home I own, I'm not sure whether to select primary home or other, since I lived it in most of the year but now rent it out. If I select, primary home, do I then enter 265 days worth of insurance, real estate taxes, and mortgage interest? If I select other home, it doesn't allow me to enter the portion of those deductions from when I lived in the house and directs me back to the rental home section. 

 

Not sure what to do here.



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1 Reply
AnnetteB6
Employee Tax Expert

Started renting out house in 4 months of 2023, how do I divvy up insurance, property taxes, and mortgage interest?

When working through the Schedule E Rental Income and Expenses, you will only enter 100 days worth of your expenses such as insurance, real estate taxes, and mortgage interest.  The other 265 days worth of your real estate taxes and mortgage interest can be entered as part of Schedule A Itemized Deductions since the house was your primary residence for 265 days of the year.

 

As you get started in the Schedule E section and you are filling in the information for the Property Profile, be sure to check the box that you converted your primary residence to a rental property.  This will allow TurboTax to ask you some important questions related to getting the property set up as a rental.  

 

Also, be sure that you do not include any personal use days in this rental section.  All of the time that you used the home as your residence does not count as personal days for the rental property.  When you lived there, the house was not a rental property.  It did not become a rental property until you moved out and started advertising it for rent.  Personal days are only counted if you use the property personally after it was converted to a rental property.

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