This is not a vacation or personal use. My son occupied the house less than 2 years while studying Pharmacoeconomics PHD at UIC. The house was left empty for more than one year.
I am seeking for a profit but investment at Chicago is not feasible. It would take me 10 years for the price going up. Chicago Cook county property tax increase almost double every 3 year. I also have to pay HOA, home insurance and electricity bill too. I bought the house on March 2017 and sell off on April 26 2022.
I read an article on the taxact.com:
Second Home Held for Investment
If the second home was held for investment purposes, a loss on the sale would be deductible, so an adjustment would not be necessary. The sale of a second home held for investment can be entered using the steps above.
How would you category about this? Second home or Vacation?
