What expenses can you claim if your second house was lived in by my parents, not a vacation home, not a rental and I sold it last year? Owned over 17 years.

esmith122158 · ‎February 4, 2022

Bought in Nov 2003, Sold/closed Jan 2021

Mike9241 · ‎February 4, 2022

as a second home - taxes and mortgage interest on schedule A.

the deduction for all taxes is limited to $10,000 and mortgage interest (on the combined total of both homes) may be limited if it exceeds the applicable thresholds,

you need to report the sale - no home sale exclusion.

TomD8 · ‎February 4, 2022

This website lists common expenses that you can deduct from the gross sale proceeds of your home sale:

https://www.nolo.com/legal-encyclopedia/when-home-sellers-can-reduce-capital-gains-tax-using-expense...

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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What expenses can you claim if your second house was lived in by my parents, not a vacation home, not a rental and I sold it last year? Owned over 17 years.