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Tax Question - Itemizing dedcutions for Mortgage Interest
Posted on 2/13/12 at 12:03 pm
Posted on 2/13/12 at 12:03 pm
I purchased a home a few years back and have been taking advantage of the deduction for the interest on my mortgage (plus PMI), but my job forced me to temporarily move and rent my house for 7 months of last year (I will be moving back permanently soon).
I am claiming the rent I charge as rental income, but I'm not sure on how to take advantage of the deduction for my mortgage. Do I still just use Schedule A for all the deduction, or split the deduction proportionally to the months lived in vs. rented (7 months for the rental income and 5 months of home ownership)?
I'm assuming I can only deduct the insurance on the home for the proportionate time I rented it (7 months) because there is no deduction on Schedule A for home insurance.
I am claiming the rent I charge as rental income, but I'm not sure on how to take advantage of the deduction for my mortgage. Do I still just use Schedule A for all the deduction, or split the deduction proportionally to the months lived in vs. rented (7 months for the rental income and 5 months of home ownership)?
I'm assuming I can only deduct the insurance on the home for the proportionate time I rented it (7 months) because there is no deduction on Schedule A for home insurance.
This post was edited on 2/13/12 at 12:18 pm
Posted on 2/13/12 at 2:00 pm to TIGERSby10
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