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Tax deduction- buying home for relative in another state

Discussion in 'Buying Overseas Property' started by malachi, Sep 21, 2006.

  1. malachi

    malachi New Member

    Welcome all,

    I need some advice. I'm going to buy a condo for a relative in NY. I currently rent in VA. Is it possible for me to get that tax (mortgage/interest) deduction for this home even if it is in another state. I know that you get this deduction if a you buy a home, and you do not get it if it is an investment. Buying this home for this relative is not an investment. I may possibly live there when I move back to NY. In the meantime, I will rent in VA.

    What should I do?

    Thanks
     
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