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Rental property to main residence tax question?
I had tenant in my rental property for the first 6 months of the year. After they defaulted on our rental agreement I moved into the home. Is there a way to file my taxes on the home as a rental property for half the year and my residence for the other half?
4 Answers
- BobbieLv 71 decade agoFavorite Answer
Yes just use the schedule E for the rental income and expenses and the form 4562 for the depreciation amount for the tax year 2010 when you correctly complete your 1040 federal income tax return in the year 2011,
Attach the required copies of each schedule and form to the 1040 tax form together when it is correctly completed and signed and make 2 copies 1 for your records and the 1 that you will be sending to the correct IRS address.
Hope that you find the above enclosed information useful.
- card-ronLv 71 decade ago
Sure there is. All rental income and expenses, including depreciation, for the time the house was used as a rental go on Schedule E. If you itemize deductions, you may claim items such as mortgage interest and real estate taxes for the time the house was used as your home on Schedule A.
- troLv 71 decade ago
of course, you file your six months' rental on Sch E
if you can itemize you can only claim half the mortgage and property taxes on your sch A, the other half would apply on your Sch E