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Financial Planning / Tax Strategies
|Subject: Rental Property and mortgage payments||Date: 2/9/2001 3:00 PM|
|Author: YoungFezziwig||Number: 46057 of 122625|
My wife and I own a home which we purchased in mid-1998 and moved out of mid-2000. We immediately had renters move in. When filing this year, should we list ALL mortgage interest payments on Schedule E? Or should we split them between Schedule E and itemized deductions?
1) We purchased the home with a VA loan.
2) We use a property manager to manage the day-to-day operations and maintenance.
Also, what is the procedure for depreciating the property? We plan on moving back into it sometime in the future.
Thank you in advance for your help.
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