Real Estate Investments

My wife and I have a vacation home. Do I have to include it on the form? 

If the home has been rented out at any point during the preceding calendar year or the current calendar year, and generated income over $200, then it needs to be included on Schedule A. Additionally, any mortgages over $10,000 related to the property should be included on Schedule C, Part I. If, however, the vacation home is used purely as a second residence, then it does not have to be reported on Schedule A or Schedule C.


I own farmland in Montana that currently is not producing any income. Do I have to report it? 

Real estate valued at over $1,000 that is being held purely as an investment needs to be included on Schedule A. The nature and location of the real estate (e.g. “Farmland in Billings, Montana”) should be reported in Block A, and if there is currently no income to report, the “none” box should be checked in Block C. Additionally, any mortgage over $10,000 related to the property should be included on Schedule C, Part I.