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Question

Investment property

Forum|Forum|1 year ago
February 3, 2025
1 reply
0 views

Hello,

If I buy a property that I allow my in-laws to live in but they don't pay any rent to me can I deduct the interest, taxes and other costs associated with the property through my taxes. If I can deduct the taxes how do I do that through TT.

Note: I cannot claim either of my in-laws as my dependent and I already have a primary home.

Yes, you can deduct the mortgage interest and real estate taxes for your primary home and a second home as an itemized deduction. It would not be a rental property because you are not charging rent, but if you are not already deducting two homes you can deduct it on Schedule A.

Hello Mary,

Thanks for the prompt response. Does it matter if I'm deducting multiple rental properties where I'm collecting rent.

No, the rental properties are each a separate entry from your itemized deductions on schedule A.

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