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If yoy have a second property that is sometimes rented is it…

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If yoy have a second...
If yoy have a second property that is sometimes rented is it achedule a or c. Cn you deduct mortgage against income not derived drommproperty
Submitted: 4 months ago.Category: Tax
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12/5/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

If you have a second property that is sometimes used for rental then you report that on Schedule E as long as it is rented out for more than 15 days in the year and you charge a fair market amount.

You deduct the mortgage interest on the Schedule E too. If you use this property for yourself then you deduct the interest prorated for your used time on your Schedule A and the rental time on Schedule E.

Please let me know if you need more information. Just post below.
If not then scroll up to see the STARS to rate so I am credited..

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