Question for all you tax experts
I'm being relocated out of state and I was going to rent out my primary, but found out my housing allowance will be voided if I do, so essentially I have to keep it empty if I want to get it...and I definitely want to get it as it will easily pay for the place and my new place.
But here's my situation, I'd like to donate the use of the property to my church to use as a mission house. I know I can't write off the lost income, i.e. if it'd rent for $2,000 a month, and I donate the use of it to the church, I can't write of the $2,000 as a charitable gift.
I know if I just treat it as a 2nd home, I can write off the mortgage interest and property taxes, but how do I set it up so I can write off the entire mortgage, insurance, utilities, etc?
The only thing I've been able to find is a rent-free lease, which essentially would just put me in a net operating loss since I would have no income.