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Yahoo! Answers: Second Home turned into Rental Property Mid Year?This forum post is dated 03/30/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. Michigan - Mortgages (What type of mortgages are available for buyers in Michigan. Buying a home for the first time.. what you should know. Will you qualify for a mortgage in today's financial economy? How much can you really afford for a mortgage payment? What type of mortgage should you avoid at all costs?)
- Michigan Real Estate Messages --> Newest Michigan Messages
- Michigan, Mortgages (What type of mortgages are available for buyers in Michigan. Buying a home for the first time.. what you should know. Will you qualify for a mortgage in today's financial economy? How much can you really afford for a mortgage payment? What type of mortgage should you avoid at all costs?)
| Yahoo! Answers: Second Home turned into Rental Property Mid Year? My primary residence is in Michigan and a few years ago I purchased a second home in Florida because I moved there for work and also figured it could be a future retirement home. After living in the FL home for a couple years I got a new job in Michigan and moved back in June 09, and began renting the FL home in July 09. My intention is to rent the property for about 5 years and then retire and have a summer home in MI and winter home in FL. Since it was rental property for part of 2009, do I deduct half of the expenses (mortgage interest, real estate taxes, etc.) on schedule A and then transfer the home to rental property the rest of the year and complete schedule E? Going forward should I complete schedule E and depreciate the property? Thanks. |
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- Michigan Real Estate Messages --> Newest Michigan Messages
- Michigan, Mortgages (What type of mortgages are available for buyers in Michigan. Buying a home for the first time.. what you should know. Will you qualify for a mortgage in today's financial economy? How much can you really afford for a mortgage payment? What type of mortgage should you avoid at all costs?)
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