My wife and I own our primary residence that we still have a mortgage on. Several years ago, we bought a condo in a different city where my wife works. We have a mortgage on that and I consider that our second home. Last year I bought a hose in Texas for my son and family to live in. I also have a mortgage on that.
My first question is: Can I declare the mortgage interest on this "third" home?
Part of the reason for buying this home was to help my son get out of financial difficulty. The monthly mortgage payment is $1900. My son currently pays me "rent" of $500 per month.
My second question is: Since my son is paying some rent, would I consider this an investment property rather than a third home?
Thank you.
