First time buyer w/ a situation

**ap1** · 10-26-2009, 03:15 PM

Hello,

I live in GA but I'm looking into buying a home for my mom who lives in NYC. Is there a way for me to buy a property in NYC as primary residence so that I can make some deductions when time comes for me to file my income tax? I've heard some conflicting information regarding this from a few cpa's, one has said if I am in NYC for a minimum of 45 days out of the year that there is a way for me to claim it as a primary residence on my tax. Another has said that there is no way that I can do such a thing but I can make it so that it becomes an investment property and claim losses on it whereby my mom becomes a tenant. My goals are to buy a place for my mom and see maximum tax benefits, what are my best options? I've gone to see the accountants but I end up having more questions than answers, where is the best place to seek help regarding tax/housing? I'm considering going to the local IRS office to get clearer answers regarding tax/housing laws, is this a mistake? Any suggestions, advice, comments, jokes will be highly appreciated!

**Greg** · 10-27-2009, 05:43 AM

If it is your personal residence you can only write off the interest payments.

If it is a rental house you can write off everything as a business expense as long as you manage the property personally.

**mr1** · 10-27-2009, 02:06 PM

ap1: That's very noble of you to buy your mom a home. I hope to put my mom in a new home one day as well.

You could buy a home for her and have it classified as a "vacation home" or it could be a rental. You should talk to an experienced tax preparer about your options. There's too many variables there for a Realtor to give an educated suggestion.

Regards.

**homes for sale anchorage** · 10-31-2009, 07:29 AM

Oh well if you want to buy property there you must seek the advice of an expert to help you make decision.

**Nick Brian** · 10-31-2009, 10:34 AM

Hi I wish I could help you completely if it's in Santa Cruz Ca. Things you are in takes an expert's advice in this I'm not but I suggest you contact with a tax expert in your desired area.

**dan schuman** · 11-08-2009, 07:53 AM

An accountant is the best person to speak with regarding tax questions, and preferably a conservative one who will protect you, not just try to help you get a deduction. Find a good one. There are differences in classifying a home as a primary residence and second home. I realize you are trying to maximize your tax deductions, but make sure you do things the right way and not go into any gray areas as this may come back to haunt you as I've seen it happen to people in the past. Good luck.

**GregSidooff** · 11-11-2009, 10:29 PM

It is good to seek help in appropriate person that knows how to handle your question. In legal things,you have to ask a lawyer,licensed broker to get answers. About the tax,be free to ask anyone who have knowledge or experts I guess.

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