Welcome Guest. Register Now!  


For 2016 Tax Tips For Year 2016.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2016, 12:18 PM
Junior Member
 
Join Date: Apr 2016
Posts: 1
Expenses on 2nd home (non-rental) which I have given to my relatives to live

I own a second home in NJ which I have given to my relatives to live in and don't charge them any rent. What deductions can I take on my second home?

a) Can I take depreciation for 2nd home? How do I do this? Which form/method of depreciation to use?

b) Can I take property tax credit for both the houses? For NJ return, it only allows a max of $10,000 as property tax deduction. The property taxes that I pay for each house is over $10,000.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-28-2016, 03:00 PM
Junior Member
 
Join Date: Oct 2016
Posts: 5
No you cannot depreciate a house that you are allowing your relatives to live in without charging them any rent.

Yes, you can still deduct property taxes on your Federal Schedule A. No opinion on NJ tax return.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is this a residential home or rental home? sunnysea101ca Rental Real-Estate 0 03-22-2016 06:04 PM
Estate planning for relatives outside the US golf2000 Estate Planning 1 08-21-2015 01:06 AM
Work from home expenses mytime34 For 2014 3 07-14-2015 04:50 AM
My rental expenses for renting primary home egmacrae Rental Real-Estate 1 04-16-2010 01:48 AM
Loaning $ to relatives cmscarby Miscellaneous 1 12-08-2009 03:21 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning