Hi All-
We have a unique situation and will need some advice on filing taxes soon. We currently rent our primary residence (awaiting our last child to finish high school) and this year (June 2020) purchased a 'second home' about 2 hours away so that our college student could live more affordably and we could have an investment. our mortgage is $1305/month and we charge her two roommates $500/month. So we are not making any money on this, but it has reduced our college expenses. We do cover about $350 /month for her part of rent through the school year (9 months), and she is responsible for the $500/month for the summer months (3 months). So wondering if we will be able to claim mortgage exemptions and such as this is a second home (but the only home we own) and we aren't making any income on it. Thanks in advance!
