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?
You'll need to sign in or create an account to connect with an expert.
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
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rkeeton88
New Member
obeteta
New Member
sparksj337
Returning Member
DomN9
New Member
palmtree33
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.