I hope this kind of question is allowed, I really stumped and don’t know where to turn.
We had a tenant occupied house 2011-Dec 2019. For pandemic reasons, my husband lived in the house March 2020-August 2020, while I stayed in the primary residence. House was sold in October.
I know how to deal with the passive gains and recapture stuff. But, for 2020, does it count as a second home for interest and tax deductability? Filing jointly.
Yes.
If the house was no longer being held as a rental in 2020, enter the date it was returned to personal use and treat it as a second home from that time forward.
Yes, once it was no longer a rental, taxes and interest could be claimed on your schedule A if all other requirements are met (loan secured by home, used to buy build and/or improve the home).
Yes.
If the house was no longer being held as a rental in 2020, enter the date it was returned to personal use and treat it as a second home from that time forward.
Yes, once it was no longer a rental, taxes and interest could be claimed on your schedule A if all other requirements are met (loan secured by home, used to buy build and/or improve the home).