@cluelessPotato wrote:
I don't quite live in a trailer but your understanding is correct.
1) To clarify, I've always listed the property in question as my permanent address since college, and continue to do so when filing my taxes as an independent.
I believe I have more than enough interest in the home since I've lived there on and off throughout the past year thanks to work from home. From what you're saying, this should be sufficient on the off chance that I am audited since it could at least qualify as a "second home".
I'm not sure how I got "trailer" in my mind from "rental property", sorry about that.
Your main home (principal residence) under income tax regulations is where you actually live. It doesn't necessarily have anything to do with your "permanent address" for mailing or voting purposes, and if you were audited (unlikely), your listed address would carry very little weight.
This is not your principal residence if you don't live there, it can be your second home for the mortgage interest deduction.
Adding your name to the deed can be a valid part of planning for the future, but you need proper advice that is specific to your situation.
