In Mar 2016 I began renting my home for 11 months until Jan 2017. The house was my own residence before and will be my home residence afterwards. In 2016 I paid one of my property taxes installments for 2015 and I paid both installments for July 2016 to July 2017. So that's 1 1/2 years worth of property taxes all paid in 2016. My question is can I apply ALL of it as business rental expense or must I prorate it and enter the rest of it as a personal deduction?
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The Real Estate taxes are prorated, and the rest is a personal deduction. The insurance is also prorated.
https://www.irs.gov/publications/p527/ch04.html#en_US_2015_publink1000219148
The Real Estate taxes are prorated, and the rest is a personal deduction. The insurance is also prorated.
https://www.irs.gov/publications/p527/ch04.html#en_US_2015_publink1000219148
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