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Level 2
April 21, 2021
Question

Is there a way to allocate mortgage interest and taxes between schedule e and schedule a? Or do you have to do it manually.

  • April 21, 2021
  • 2 replies
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2 replies

sjrcpa
Level 15
April 21, 2021

If it's a vacation rental, the software should do it for you after you enter rental and personal days.

If it's because it was a personal residence  for part of the year and rental property for part of the year, do it manually.

The more I know the more I don’t know.
George4Tacks
Level 15
April 21, 2021

The 8T tracing rules would have to be done manually. 

https://www.law.cornell.edu/cfr/text/26/1.163-8T

Answers are easy. Questions are hard!