Generally, a passive activity is any rental activity OR any business in which the taxpayer does not materially participate. Nonpassive activities are businesses in which the taxpayer works on a regular, continuous, and substantial basis. In addition,

You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally

Question: If I must deduct points over the life of my mortgage, and I have a 30-year mortgage, does this mean that I divide the points paid by 30 and enter that amount on Schedule A? Answer: No, while you have to deduct the points over the life

Question: Is the mortgage interest and property tax on a second residence deductible? Answer: The mortgage interest on a second home, which you do not rent out during the taxable year, is generally deductible if the interest satisfies the same r