My wife and I have a house( no mortgage dues). Last year we bought a Codo (one room condo) for investment purposes and we are paying mortgages on it. But we could not rent it as our daughter has been living there.We have a plan to rent it in the middle of this year (2015).
Questions:
We don't get any rent money, but can we take any tax deductions like, Mortgage interest, monthly association fee, dishwasher replacement cost, some of the closing costs, etc. ?
Is it possible to carry forward our loss to the next year ?
Can you please make some honest comments on this issue? If yes, what IRS forms and schedules should we use for this?
Thank you!
Mitrat
