Our current home is in Seattle. We will be keeping this home and living in it during the summers, our new home will be in Denver and we will be living in it during the rest of the year.
2007-01-06 10:46:25 · 3 answers · asked by home#2 2 in Business & Finance ➔ Renting & Real Estate
Yes you can! I know a few people who have been doing it for years.
2007-01-06 15:49:27 · answer #1 · answered by Derrick L 2 · 0⤊ 0⤋
If you rent out the second home when, you are not using it, the amount on rental vs. personal use determines if it is a 'qualified home' for the home interest deduction. If not, you can claim one second home. If you rent more than the allowed amount to treat the home as a qualified home, you can probably claim some of the interest and other expenses against the rental income. You are required to claim any rental income anyway.
2007-01-06 11:00:03 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Don't know but you better check with the pros before you do it!
2007-01-06 10:51:20 · answer #3 · answered by Drea G. 2 · 0⤊ 0⤋