TAXES - itemized mortgage interest deductions...
...(1040)? In '07, I purchased a 2 Fam home and rented half of the property. This cut the mortgage interest+property taxes in half. The first half went to my itemized deductions (schedule A), while the other half went against my supplemental income (schedule E) as an expense. At the start of 2008, we stopped renting as it just wasn't worth it (financially). Can I now place ALL of my mortgage interest+property tax in my schedule A? If it makes a difference, I filed depreciation against the rental in 2007.to clarify, the previously rented portion is now used as my rental property. Will I be able to claim my entire mort interest+property tax in my Schedule A?
|