Tax rules on turning your rental property into your main home.?
December 19th, 2011 | by admin |Hi,
I am trying to find the answer to this question every where and am having no luck.
We sold our main home in July 2009 and moved into our previous rental home which was vacant in June 2009. My question is how do I determine what portion of mortgage interest and property taxes to claim as my main home and what portion to claim as my rental propery?
you rented the house 6 months? that would be half
3 Responses to “Tax rules on turning your rental property into your main home.?”
By tro on Dec 20, 2011 | Reply
you rented the house 6 months? that would be half
References :
By becky on Dec 20, 2011 | Reply
If it was considered rental through June and became your main home in July, then I’d say divide the mortgage interest and property taxes equally. You could break it down by exact number of days to get the percentage, but 50-50 is a whole lot easier and would probably be almost as accurate.
References :
By card-ron on Dec 20, 2011 | Reply
It was a rental home for the time it was available for rent (whether or not it was actually rented out). It was either your main home or your second home the remainder of the time.
References :
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