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Level 2
January 26, 2022
Question

Rental property

  • January 26, 2022
  • 1 reply
  • 14 views

My son purchased my home in Oct. 2020. He then got married in Dec. 2020 and moved into wife home. I pay the mortgage for my home. He does think he has to show this as a rental home. Can he right off repairs if he doesn’t use as rental?

    1 reply

    Level 15
    January 26, 2022

    In order for a home to be deductible as a rental home it has to be available to rent.  Leaving it sitting empty does not qualify it as a rental home, just as a second home.  For your second home property taxes and mortgage interest are deductible but nothing else.

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