We purchased this property for 2 reasons. 1) We wanted to assist our adult son due to his need for debt relief ( he was starting a business) 2) The house was purchased with the idea of it being an investment due to it being in a trendy area of Atlanta
It would be considered a second home since you are not renting it out and your son is living in it which makes it personal use property. You would deduct the property taxes (and mortgage interest if applicable) on Schedule A. This would all be entered in the Your Home section under the Federal Deductions and Credits tab.
The property taxes and other taxes are limited to a total of $10,000.
It would be considered a second home since you are not renting it out and your son is living in it which makes it personal use property. You would deduct the property taxes (and mortgage interest if applicable) on Schedule A. This would all be entered in the Your Home section under the Federal Deductions and Credits tab.
The property taxes and other taxes are limited to a total of $10,000.