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It would be treated as a second home with the facts you presented (with mortgage interest and real estate taxes deductible on Schedule A, subject to limitations).
Do an internet search for Section 280A of the Internal Revenue Code.
It would be treated as a second home with the facts you presented (with mortgage interest and real estate taxes deductible on Schedule A, subject to limitations).
Do an internet search for Section 280A of the Internal Revenue Code.
If anybody lives in the property rent free for even one single night, it's a second home.
@Carl wrote:
If anybody lives in the property rent free for even one single night, it's a second home.
That depends. Per Section 280A(d):
(d) Use as residence
(1) In general For purposes of this section, a taxpayer uses a dwelling unit during the taxable year as a residence if he uses such unit (or portion thereof) for personal purposes for a number of days which exceeds the greater of—
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