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Convert from primary residence to rental property and only property owned
Hi,
I converted my primary residence to a rental last July and moved out and rented another place so I have a single mortgage.
In the rental section, the online softwarer specifically notes to only enter the proportion of mortgage interest and real estate taxes based on the percent of time the how was a rental, and it also states that you'll be prompted to enter the non-rental portion later. But in the Tax Breaks section, they just ask for the values in the boxes of the 1098 with no reminder that this should proportional to the use of the rental as a primary residence prior to conversion. I know my situation is unusual, being both a landlord and a renter, but I think they should have some reminder language.
Am I correctly interpretting this?
Thanks,
Mark
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Convert from primary residence to rental property and only property owned
Yes, you are correct. You need to manually prorate both the rental portion and the personal portion.
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Convert from primary residence to rental property and only property owned
Yes, you are correct. You need to manually prorate both the rental portion and the personal portion.