AmyC
Employee Tax Expert

Deductions & credits

The condo could be your second home. You can claim property tax and mortgage interest along with your main home on Sch A. HOA and other expenses are not deductible on a main or second home.

 

You do not have rental property during this construction period. If you suffered a financial loss, you might be able to claim a casualty loss. See Topic No. 515 Casualty, Disaster, and Theft Losses - Internal Revenue Service 

 

When you are renting out your home, if it is less than 2 weeks, the rental income does not have to be reported unless you receive a tax form. See Topic no. 415, Renting residential and vacation property

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