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The personal and rental use of the expenses will be allocated between the two separate categories. Because you have two forms 1098, with one being 100% rental period interest paid, it's best if you select 100% rental use of the property do not select that is was converted in 2016. Use only the rental expense portion of the Form 1098 in the rental entry. This is to insure that you get your full rental deduction of all mortgage interest.
You can simply prorate that interest using the months of rental use. (interest / 12 months x 9.5 months rental use). Enter the balance on your itemized deductions. Use the same formula for the property taxes
When you add your house as an asset, the date purchased/date placed in service should be March 15th. The depreciation expense will calculate appropriately.
In your TurboTax Premier account follow these steps.
The personal and rental use of the expenses will be allocated between the two separate categories. Because you have two forms 1098, with one being 100% rental period interest paid, it's best if you select 100% rental use of the property do not select that is was converted in 2016. Use only the rental expense portion of the Form 1098 in the rental entry. This is to insure that you get your full rental deduction of all mortgage interest.
You can simply prorate that interest using the months of rental use. (interest / 12 months x 9.5 months rental use). Enter the balance on your itemized deductions. Use the same formula for the property taxes
When you add your house as an asset, the date purchased/date placed in service should be March 15th. The depreciation expense will calculate appropriately.
In your TurboTax Premier account follow these steps.
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