Property Tax Deduction Second Home
March 24th, 2011
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Question: Tax deduction on a rental property that is still being rehabbed.?
I bought a property in 2006 that needed extensive rehab. The rehab is still in progress and the property is not yet available for rental. Meanwhile I am paying mortgage interest. Is the interest tax deductable even though the property is not yet rented? Or should i capitalize once it is rented in 2007? I would really like to deduct it in 2006. Can i deduct it as interest on building a second home and convert to rental once it is completed?
Answer: You can deduct the interest for 2006 whether its rented or not.
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