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Get your taxes done using TurboTax
Yes. If you no longer consider the property to be a rental but a "second home," you may report related mortgage interest and property taxes as itemized deductions. Insurance is not deductible.
Other expenses you incur to make the property ready to be sold should be added to your basis in the property and may reduce any gain on the sale.
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‎April 8, 2025
11:09 AM