2nd property not a rental regarding repairs and deductions from

Rental Property Investor · Mount Pleasant, WI · Member since 2021 · 27 posts · 2 votes

On a 2nd property not a rental can I tax deduct repairs? Also can I deduct all closing costs including all property taxes paid? ? Pls be detailed in answer TY.

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Andrew D Hansen:

On a 2nd property not a rental can I tax deduct repairs? Also can I deduct all closing costs including all property taxes paid? ? Pls be detailed in answer TY.

You can only deduct maintenance if it's a rental property. If it's a vacation home for your personal use, then you can't deduct the maintenance.
Have you heard of the "Augusta" rule? Talk to a CPA.
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Andrew D Hansen
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Rental Property Investor · Mount Pleasant, WI · Member since 2021 · 27 posts · 2 votes
3y
Ty can i deduct all cloing costs including property taxes?
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