PeteK

We have never owned a second home nor rental property so I apologize if some of these are stupid questions, but we do plan to buy a second home in the near future, so if….

We bought a second home for $200,000 (20% down and $160,000 loan)
If we live there 60 days and rent it 120 days per year and it sits empty the rest of the year.
And we charge $2,000/mo rent plus deposits as follows:
$600 refundable (less utilities and damages) deposit,
$150 non-refundable cleaning fee,
$150 non-refundable pet fee plus
utilities (which will come out of the $600 deposit) and
request $500 of the $2,000 rent up front

(so all deposits - $900 - & the $500 “holding fee” will draw interest until returned).
With the remaining $1,500 rent due upon arrival (or shortly before)

What would our tax implications be?

Can we deduct mortgage interest & realestate tax for the entire year?

I assume we’d claim the “interest earned” on the deposits as income like any other interest earned?

What about insurance, utilities, property manager, cleaning service, home association dues, and depreciation (and how is the latter computed?)

The renter would be paying utilities 120 days, but we would be paying them the rest of the year.

I apologize for this being so complicated, but they're all questions we really need answered. Thanks very much