I have two properties: my house I purchased in 2003 and it was my primary residence until 2013 when I converted it to rental. In 2017 I purchased a townhouse and it has been my primary residence since.
In July 15 of 2023 I moved back into my house and converted back to my primary residence. In October I put up my townhouse for rent and was rented Oct. 6 2023 (I converted my townhouse as my primary residence to rental).
Q1- How do I enter expenses, Mortgage Interest, taxes, insurance, etc. for each property during periods that it was rental, do I calculate the annual costs and prorate for the days/365 that it was rental?
Q2- How I do I enter the other portion of the Mortgage Interest and Taxes as deductions for each property during periods that it was personal residence. TurboTax asks for the number of days it was rental, but it is not clear if it is automatically prorating especially Mortgage interests and Taxes. I also searched and read Q&A and found a couple but I am still confused as to how to enter my Mortgage interest and taxes for both rental expenses and for deductions (as primary residence)
Thank You
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@ramin64 , do you still need help on this or have you already filed / solved your issue(s). You are talking about tax year 2023 only, right ? Did you file schedule-E all these years while one or thew other houses were available for rent ?
I will circle back once I hear from you
Got it resolved with the help of TurboTax support- thank you
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