Hello,
We own rental properties and are able to take advantage of depreciation which is nice. We are not however able to take itemized deductions because we don't have enough of them to qualify. I think the issue is the house we live in is paid off and in my mother in laws name so we can't take advantage of the mortgage interest deduction most people can use. I am thinking of getting a vacation property and renting it out when we are not using it. Since our primary residence is not owned by me or my wife can we still deduct mortgage interest on the vacation property/rental as a second home? Do you have any other ideas for increasing our itemized deductions?
Thanks for your help
David.