I am asking on behalf of someone else regarding their property situation. They currently own two homes and just purchased a third home, where their loan is as an investment property. They will eventually sell their primary home and move into their investment property. For now, what are they allowed to deduct from their investment property? Thanks!
@Puja Talati - Here is a quick answer, pretty much any cost associated with operating that investment property. Miles driving to the property, any utilities paid by the owner and not paid by the tenant, any repairs or maintenance, taxes, etc.
Hopefully a CPA will chime in with a more official answer and also add any changes with the new tax law.
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