Can you deduct interest on second home mortgage

You can deduct property taxes on your second home , too. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own. You can only claim mortgage interest on your primary home and ONE second home. Please read this IRS document for more information:. You can rent your second home to other parties for up to two weeks (nights) within a year without having to report the resulting income to the IRS.

The house is still considered a personal residence , and you can deduct mortgage interest and property taxes under the standard second - home rules. The loan may be a mortgage to buy your home , or a second mortgage. Mortgage interest paid on a second residence is also deductible as long as you. If you are thinking of buying a second home , you may want to think again.

Tax plan keeps mortgage interest , property tax deductions. Deducting mortgage interest payments you make can significantly reduce your federal income tax bill. The tax rules do allow you to take the deduction on up to . The mortgage on your second home must be secured with the .