Hi all!
I have a tough question here for the community! I just recently purchased a condo for my mother under a Family Opportunity Mortgage Loan and I wanted to see if I am allowed to write off any of the cost associated with the down payment, closing cost, and repairs done to the unit (see list below). My mom is on disability and has very limited income ($795 a month) so I cover the total mortgage payment and HOA fee every month. She covers her power, food, and house hold items. Can I write of the monthly payment for the property or is it just considered a second home? What about the repair work done to the property? Thanks everyone!
Repairs done:
Doors replaced $600
AC units $5,500
Hot water heater repair $200
