I converted my main residence into a rental property this year on June 1 2010. I also bought another house on July 1 2010, which was vacant for about 3 months and rented out the remaining 3 months. I myself live in a rented apartment now.
Are both these houses vacation homes? I guess I will have to report rental income/expenses on both these properties. I understand I can deduct mortgage interest, taxes, depreciation etc as an expense for the proportionate period it was rented out. Can I claim proportionate mortgage interest/property tax deduction on both these properties for the portion of the year it was NOT rented out?
Are both these houses vacation homes? I guess I will have to report rental income/expenses on both these properties. I understand I can deduct mortgage interest, taxes, depreciation etc as an expense for the proportionate period it was rented out. Can I claim proportionate mortgage interest/property tax deduction on both these properties for the portion of the year it was NOT rented out?