Asked by e
Lars moved to a new main home in 2023 and converted his former main home to a rental property. He rented his former main home for all of 2024. Where on his return should he deduct the mortgage interest, real estate taxes, and insurance paid for the rental property?
All Answers 1
Answered by
GPT-5 mini
AI
Those are rental expenses and must be reported on Schedule E (Form 1040), Part I — not on Schedule A.
Enter the mortgage interest on the Schedule E line for mortgage interest, the real estate taxes on the Schedule E line for taxes, and the insurance on the Schedule E line for insurance (or “other expenses” if your form year’s line layout differs). The net rental profit or loss from Schedule E then flows to your Form 1040.
Enter the mortgage interest on the Schedule E line for mortgage interest, the real estate taxes on the Schedule E line for taxes, and the insurance on the Schedule E line for insurance (or “other expenses” if your form year’s line layout differs). The net rental profit or loss from Schedule E then flows to your Form 1040.
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