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June 6, 2019
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I started renting out my second home in November 2017. Do I enter my insurance expenses as the whole premium (1 year), or just the months of November and December 2017?

  • June 6, 2019
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Best answer by Vanessa11_2

Your expenses, including insurance, will be prorated for the rental period.  The rental period begins when it is ready to be placed in service. So if the home was ready for a tenant and you were looking for a tenant in September but didn't find one until November you would deduct the premiums from September through December. If it was not ready until November, then you will only deduct the premiums for November and December. 

1 reply

Employee
June 6, 2019

Your expenses, including insurance, will be prorated for the rental period.  The rental period begins when it is ready to be placed in service. So if the home was ready for a tenant and you were looking for a tenant in September but didn't find one until November you would deduct the premiums from September through December. If it was not ready until November, then you will only deduct the premiums for November and December. 

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Celery63Author
June 6, 2019
Thanks!