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Second Home with Not-For-Profit Income
I have a second home which I stayed in for 16 days. As such I believe the mortgage interest and property taxes are deductible in full. However, I also rented it out for 11 months at less than the fair market value (50%) as part of the purchase contract with the previous owner. As such, those are personal-use days. I believe I need to report the income from this as misc income/income from a not-for-profit activity AND I can deduct the utilities, mgt fees and repair bills up to the amount of the misc income. Any thoughts on this?
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May 31, 2019
6:22 PM