LA homeowners buys second home in AL for son to go to UAB. Quicken Loans = Investment Property, Insurance = Landlord Policy. What can I do, if anything with interest, tax, improvements, travel for improvements, etc.?
You'll need to sign in or create an account to connect with an expert.
For tax purpose, you have a 2nd home. You may deduct mortgage interest and Real estate tax on schedule A.
Improvements are added to your cost basis. Travel is not deductible.
If your son takes on paying roommates, that is only cost sharing, and the unit is not a rental.
For tax purpose, you have a 2nd home. You may deduct mortgage interest and Real estate tax on schedule A.
Improvements are added to your cost basis. Travel is not deductible.
If your son takes on paying roommates, that is only cost sharing, and the unit is not a rental.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
huntinad
Level 1
fowlerpharm
Level 1
libertad1
New Member
actiontoo
New Member
tomsky48
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.