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Financial Planning / Tax Strategies


Subject:  Re: Rental Property and mortgage payments Date:  2/9/2001  11:32 PM
Author:  pmarti Number:  46106 of 123001

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?

You split them according to the personal/rental use periods. A tip: if you're using software to prepare your return, lie to it when it asks you whether you used the rental property for personal use during the year. It really means d