Tuesday, August 24, 2010

Can I deduct mortgage interest on a house that I lived in for the first half of the year?

I moved out of my house on 6/1/08 and began renting it at that time? I was under the impression that I would be able to deduct the mortgage interest on it since I lived in the house on 1/1/08,but turbo tax isn't letting me. Any help would be appreciated.Can I deduct mortgage interest on a house that I lived in for the first half of the year?
For rental period portion, you will report on schedule E along with rent received. You must also deduct depreciation for this period.





For home use portion, you can take itemized deduction on scheduled A.


You will take deduction only if your itemized deductions are more than your standard deduction. Read: http://taxipay.blogspot.com/2008/05/item鈥?/a>Can I deduct mortgage interest on a house that I lived in for the first half of the year?
You prorate it.


5/12 is deductible on Schedule A


7/12 is deductible on Schedule E

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