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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
Yes, that is the proper way to report a converted home to a rental. Under the Property Profile section, indicate that you converted the property from a personal to rental use (or vice versa) in 2017. Then continue on to enter the number of days it was rented. Allocate the interest/property taxes between the 2 sections.
Allocate the expenses between the two sections if you converted the
property. Ex: Rented for 3 months and personal for 9, then 1/4 of mortgage
interest/taxes is deducted on the rental side and 3/4 as a personal deduction.
Note: Personal Use days refers to days that you used the rental. Enter 0 if you never used the property while it was rented.
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
Yes, that is the proper way to report a converted home to a rental. Under the Property Profile section, indicate that you converted the property from a personal to rental use (or vice versa) in 2017. Then continue on to enter the number of days it was rented. Allocate the interest/property taxes between the 2 sections.
Allocate the expenses between the two sections if you converted the
property. Ex: Rented for 3 months and personal for 9, then 1/4 of mortgage
interest/taxes is deducted on the rental side and 3/4 as a personal deduction.
Note: Personal Use days refers to days that you used the rental. Enter 0 if you never used the property while it was rented.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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The home I own we converted to rental in '17. I entered mort. interest & tax % amounts on Sch E & A. Deductions & Credits total values are less than actual, is this ok?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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