What is the name of your state? Colorado
Just finish mortgage on 1st house.
If I buy a 2nd house; in what cases can I deduct from Tax ?
2 options:
1. Buy house and rent it : can I deduct Interest on Mortgage?
2. Buy vacation house and Rent it but not 100%. can I deduct Interest on Mortgage?
3. Buy house and not rent it. can I deduct Interest on Mortgage?
Another Q: If I buy land ; what can I deduct ?
can i put a trailer on it then Deduct interes like Mortgage?
The idea behind all this is to reduce my income with deductions!
What other ideas other than house do you recommend to decrease income with deductions?
Thank You
Just finish mortgage on 1st house.
If I buy a 2nd house; in what cases can I deduct from Tax ?
2 options:
1. Buy house and rent it : can I deduct Interest on Mortgage?
2. Buy vacation house and Rent it but not 100%. can I deduct Interest on Mortgage?
3. Buy house and not rent it. can I deduct Interest on Mortgage?
Another Q: If I buy land ; what can I deduct ?
can i put a trailer on it then Deduct interes like Mortgage?
The idea behind all this is to reduce my income with deductions!
What other ideas other than house do you recommend to decrease income with deductions?
Thank You