Rental Property Loss vs Standard Mortgage Deduction

[Abdul Q.]

I am in the process of buying a house for my parents who will not be paying me any rental income, I will be making all payments. I will own the property and have been approved for an investment property mortgage. Because I make more than $150,000 a year, I realize that I will not be able to offset any of the taxes from my wages with the rental income losses, but if I was to get an investment mortgage can I still claim the standard mortgage interest and property tax deductions? 

I assume that there is no way for me to deduct all the expenses (including renovations, mortgage origination expenses, bills, etc.) if I lost the house as a second home on my tax return even though the mortgage Lon was originated as an investment property? 

[Russell Brazil]

If you are putting your parents in it....it might behoove you to have the property as a 2nd home as opposed to an investment property so that you can deduct taxes and mortgage interest. Check with @Brandon Hall to be sure.