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.