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LA homeowners buys second AL home for son to go to UAB. QuickenLoans= InvestmentProperty, Insurance=LandlordPolicy. What can I do with interest, tax, improvements, etc?

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.?

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Hal_Al
Level 15

LA homeowners buys second AL home for son to go to UAB. QuickenLoans= InvestmentProperty, Insurance=LandlordPolicy. What can I do with interest, tax, improvements, etc?

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.

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1 Reply
Hal_Al
Level 15

LA homeowners buys second AL home for son to go to UAB. QuickenLoans= InvestmentProperty, Insurance=LandlordPolicy. What can I do with interest, tax, improvements, etc?

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.

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