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At the rent you're collecting, I'd begin to question if you have a profit motive. Without a profit motive, you've got a hobby - or in this case a second residence.

If that were the case, you'd report all of your rents collected on line 21, and claim the interest and property taxes on schedule A. If by some miracle the rents collected were larger than the interest and property taxes, you could claim any other expenses related to the house (insurance, repairs, homeowner's association dues) as miscellaneous itemized deductions to offset the rest of the rent collected.

So I have to ask - why are you renting the condo? Why not just sell it and move on with your life? It doesn't sound like it is a very good investment at all.

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