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Updated over 10 years ago,
Tax advice please
Background. I'm 23, work in the oilfield. I work rotationaly. 2 weeks on 1 week off. Making about 140k. Primary residence is currently where I rent in nd, I head back home out of state on days off. I recently bought my first property which I renovated and could gross about 27k on. I'm wondering if I should change residency back to home state or will it not matter because I thought you could write off up to 50k on a second home? Also I may just decide to keep the house and heloc to acquire more properties, does it have to be primary house for an interest write off?
Thanks in advance