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previous page Previous Page: Publication 17 - Your Federal Income Tax - Not Rented for Profit
next page Next Page: Publication 17 - Your Federal Income Tax - Renting Part of Property
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pub17/p17-045.htm#en_us_publink100032823

Property Changed  
to Rental Use(p67)


rule
spacer

previous topic occurrence Property Changed to Rental Use next topic occurrence

If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use.
You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes.
You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). Alternatively, some real estate taxes may be added to your standard deduction. See your tax form instructions.
taxmap/pub17/p17-045.htm#en_us_publink100032824

Example.(p68)

Your tax year is the calendar year. You moved from your home in May and started renting it out on June 1. You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance.
Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities.
previous pagePrevious Page: Publication 17 - Your Federal Income Tax - Not Rented for Profit
next pageNext Page: Publication 17 - Your Federal Income Tax - Renting Part of Property
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication