Investment Property

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  • peggysioux
    Senior Member
    • Sep 2006
    • 666
    #1

    Investment Property

    Taxpayer purchased a home in 2013 as an investment and is letting his daughter live in house rent-free. Could this still be considered an investment property with interest deductible up to investment income earned with the personal use? Taxpayer already has a second home.

    Peggy Sioux
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      No. Its personal use property. He can deduct the real estate taxes.

        Comment

        • peggysioux
          Senior Member
          • Sep 2006
          • 666
          #3
          Investment Property

          Thanks Burke, I thought that was the case, but was hoping there was some type of exception that taxpayer might fall into that I was unaware of.

          Count down to April 15.......

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