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Concensio
Level 2

Own two houses, one categorized as investment property. Allowing my son's family to use it, no rent. How do I report this?

Live in NJ home, bought house in PA to live in when retired.  Until that time, my son's family is using it as I pay expenses (gladly).  Quicken made me classify it as an Investment Property since I let him use it.  How should I claim this property when I file? 

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Accepted Solutions
MarilynG
Expert Alumni

Own two houses, one categorized as investment property. Allowing my son's family to use it, no rent. How do I report this?

If you are not actually renting the second home, it is not an Investment Property, until you sell it.  The Sale would be entered under the 'Investment' section.

 

It is a second home (retirement home, for example). You did not purchase it with the intent of renting it. 

 

Claim the mortgage interest and property taxes as you do for your main home. 

There are no tax consequences until you sell the home, or later decide to actually rent it. 

 

Click this link for more detailed info on Buying a Second Home. 

 

 

[Edited 03/20/2020 | 

 

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MarilynG
Expert Alumni

Own two houses, one categorized as investment property. Allowing my son's family to use it, no rent. How do I report this?

If you are not actually renting the second home, it is not an Investment Property, until you sell it.  The Sale would be entered under the 'Investment' section.

 

It is a second home (retirement home, for example). You did not purchase it with the intent of renting it. 

 

Claim the mortgage interest and property taxes as you do for your main home. 

There are no tax consequences until you sell the home, or later decide to actually rent it. 

 

Click this link for more detailed info on Buying a Second Home. 

 

 

[Edited 03/20/2020 | 

 

[

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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