On Apr 7, 1:18 pm, ampar...[at]gmail.com wrote:

- quote -

Mostly. I think that appliance upgrade may be a capital improvement,
so not deductible but added to the cost basis (and would need to be
depreciated as well). Note that the mortgage interest and property
tax for the 4 months goes on Schedule E, and property tax and mortgage
interest for 8 months goes on Schedule A. Make sure that you
depreciated the house only (not land), and wrote the date first put
into use as Sep (so your depreciation is 1/4 the full year amount).

- quote -

Yes, all the amounts above are before AMT. A nice deal. Your
property tax on Schedule A is subject to AMT, and your mortgage
interest and property tax on Schedule A are subject to the phaseout.
But on Schedule E you're safe.

Be aware that you'll have to pay 25% on the dpreciation when you
eventually sell your house, no exclusion.

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I have a certain loss on my Schedule E. I have rental for the last 4
months of 2007..this was my primary home before that.

1> I have used mortgage + prop tax( both 4 months pro-rated) + HOA ( 4
months) + expenses( painting et al) + appliance upgrade + depreciation
as total expenses which gets me to a loss....is this the correct way
to do it ?

2> Does AMT make any difference or to put it better...are all the
expenses listed above considered under AMT ( or there is something
that needs to be adjusted)

Any help appreciated. Thanks in advance.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >