Investment property

[bmshah1]

Hello,

If I buy a property that I allow my in-laws to live in but they don't pay any rent to me can I deduct the interest, taxes and other costs associated with the property through my taxes. If I can deduct the taxes how do I do that through TT. 

Note: I cannot claim either of my in-laws as my dependent and I already have a primary home.

[MaryK4]

Yes, you can deduct the mortgage interest and real estate taxes for your primary home and a second home as an itemized deduction.  It would not be a rental property because you are not charging rent, but if you are not already deducting two homes you can deduct it on Schedule A.

[bmshah1]

Hello Mary,

Thanks for the prompt response. Does it matter if I'm deducting multiple rental properties where I'm collecting rent.

[RobertB4444]

No, the rental properties are each a separate entry from your itemized deductions on schedule A.  

@bmshah1