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Second Home Tax Deductions Help!
Hi Everyone!
I have a unique situation and looking for advice. Long story short, I am Active-Duty military, got divorced and my ex-spouse was granted 25% of my future retirement. As of this year I worked a deal with her where she can stay in my second home rent free for the next 4 years and in return, she forfeits all entitlements of my retirement (Judge order signed already).
My question: Is there any tax benefits I can write-off for the property? It's technically not rented out and I'm not sure how to maximize any upgrades and repairs I do in the following years.
Thank you in advance!