[luqui80]

So last September I got married to my beautiful wife and we bought a house that is under her name, not mine. I also own my own 2 family home that I had been living in and renting out the second floor to students. Now my mother moved into the apartment that I was occupying so she is paying my part of the mortgage. Basically the house is paying for itself, but I have a really bad interest only mortgage and I'm not sure if my mother will be able to continue affording it.

Anyway, I'm in a really bad situation and don't know how I need to file my second home.

What is the best way to file my taxes and still be able to keep my second home as my primary residence, or can this not be done? Not sure if this would be fraud or not :confused:
Please help if you have any ideas.

Thanks in advance

[ebaines]

You have one primary residence - I assume from your description that this would be the home you bought and put in your wife's name and wheer you are now living. Your old building is a rental property, so you should be reporting income and expenses as a rental property (not a second home). To continue to qualify your old apartment as a second home you need to occupy it for personal use for a minimum time each year. However, you may have some leeway here if you claim your mother as your dependent. But seeing as how she is paying the iterest on your current mortgage it is doubtful that she quakifies as your dependent, but rather she is your tenant in a rental property.