Getting contradictory advice on this situation. Condo is occupied by family member but NOT rented. Still, Condo is held as investment for appreciation. Some say it is SECOND HOME with tax and Mortgage interest deductible on Sched A. Other advice is that it is SECOND HOME AND INVESTMENT so depreciation and mileage expense (activity in enterprise for profit) may be deducted also on Sched A, investment expenses.
What is best action to take?
