I am considering purchasing a vacation property and renting it out for a majority of the season. Best case scenario I could generate about 50% of the annual cost (mortgage, tax, utilities, maintenance, insurance) with rental income.
What are the rules for determining how much I can deduct on my tax return?
This would be a 2nd mortgage. Of 52 weeks I anticipate 10 to 12 weeks of rental, and maybe 2 weeks of personal use.