![]() You cannot deduct those payments as interest, even if the settlement papers label them as interest. ![]() If you live in a house before your purchase becomes final, any payments you make for that period of time are considered rent.You may treat a different home as your second home each tax year, provided each home meets the qualifications noted above.If you use the home you rent out for fewer than the required number of days, your home is considered a rental property, not a second home. If you have a second home that you rent out for part of the year, you must use it for more than 14 days or more than 10 percent of the number of days you rented it out at fair market value (whichever number of days is larger) for the home to be considered a second home for tax purposes.Here are a few special situations you may encounter.
0 Comments
Leave a Reply. |