I turned my primary residence into a rental property 11/2022, do i enter the mortgage 1098 into the deducts & credits section or in the rental prop section?

Forum|Forum|3 years ago
February 21, 2023
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I bought the home in 2019, does the escrow statement information still need to be entered?

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DavidD66

If your residence became available for rental on November 1, 2022, you would enter 10/12 of your mortgage interest (reported on your Form 1098) in the deductions and credits section, and the 2/12 of the interest in the rental property section. You would do the same thing for your property tax.

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bvasfaret78Author

Thank you, also i'm assuming if we put a new roof on in 2021 to get it prepped for renting it would not qualify as Home Improvements for 2022?

AnnetteB6

No, the roof would not qualify as a home improvement for your 2022 return. However, the cost of the roof replacement would be added to the basis of the property so that the cost will be part of the depreciation of the house itself.

As you go through the rental section and enter the details for depreciating the house, there should be entries for the cost of the house as well as the fair market value when it was converted to a rental property. Look for the option to add the cost of additions or improvements made to the property prior to making it available to rent. Be sure you have indicated that you converted the house from personal use to rental use and that 2022 was the first year it was rented.

@bvasfaret78

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