is there any tax deduction for a house down in the states that me and my brother own and travel regularly
nothing just looking for information
If that is a personal property - not used for business or producing a taxable income - generally - there is no deductions.
- see http://www.law.cornell.edu/uscode/text/26/262
(a) General rule Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses.
However - you still may deduct on your US tax return:
- real estate taxes paid for that property
- mortgage interest - only for the primary and ONE secondary home.
If the property is used for business - business portion of expenses may be deducted.
Let me know if you need any help.
I have dual citizenship.