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cmiller155
New Member

Why does TurboTax only allow a portion of my insurance against rental income when I paid the premium after moving from my residence?

I lived in the house the first 5 months and rented the house the last 7.  My premium was paid in May and goes May 2016 to May 2017. time after we moved, so don't understand why I can't deduct the full amount against the rental income?

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New Member

Why does TurboTax only allow a portion of my insurance against rental income when I paid the premium after moving from my residence?

  You paid 5 months for personal  coverage which is not  a rental expenses,you paid 7 months for insurance for the rental property, that makes a taxable year.

You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes

You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. However, you can include the home mortgage interest and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A

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view2
New Member

Why does TurboTax only allow a portion of my insurance against rental income when I paid the premium after moving from my residence?

  You paid 5 months for personal  coverage which is not  a rental expenses,you paid 7 months for insurance for the rental property, that makes a taxable year.

You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes

You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. However, you can include the home mortgage interest and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A

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