Saturday, July 16, 2011
Can you write off the interest/property taxes for Investor owned homes?
If you purchase a builder owned model home condo , the builder will rent it back from you for 12-18 months. You have to get an investor loan and some sort of w9 form will be distributed for rental income. Can you write off the interest, property taxes, etc off for federal taxes just like a primary residence. Or do you have to have it via a LLC or personal investment income (ordinary income taxable)? Can you get any type of tax breaks on this- ie, depreciation, investment home expenses, etc. What happens if you move into the property afterwards- any forms to convert it back to owner occupied. Any input would be helpful. Thanks.
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