Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
I hate to be the bearer of bad news, but you cannot write off the cost of the purchase of the condo. The purchase of the condo, plus your living supplies, are considered a personal expense.
However, you can write off the interest and property taxes on schedule A along with your primary residence.
If you use a portion of the house solely for business purposes (you have an office where you do paperwork, etc) then you can write off a portion of your home as a home office.
However, to do this, you have to use that portion of the house ONLY for business purposes.
And it has to be your ' principal place of business'
You can read more about the home office deduction, HERE
You can't use the house for personal purposes for the greater of 14 days or 10% of the days you rent it out
If you do, your expenses will be limited. Your deductions would be subject to the gross rental income limitation - meaning you could only deduct expenses up to the gross rents that you collect. You would not be creating any loss to offset your other income in that case
You can read more about that, HERE
So your tax benefit would be limited
I know, it's horrible isn't it?
It's going to get worse before it gets better, I'm afraid.