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?
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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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 |
[