Mortgage interest deduction on second home

Guest 0.10 Dollars($)

I am looking of buying a small condo for use as a second home. Can i able to write off all the mortgage interest on the condo, as already i do the interest payment for my primary home.

Thanks.

Caron

Hi Jacob,

Welcome to the forums.

You can write off the mortgage interest on a second home under certain circumstances. Refer to our previous discussions on Deduct interest on second home and Mortgage interest Deduction.

Thanks,

Caron.

helping_user

Hi Jacob,

I support Caron. In addition to that I just want to share some more information on it.

The IRS allows taxpayers to deduct interest on a combined mortgage debt of primary and secondary home for maximum of $1 million. In other words, we can say that as long as the total amount for two loans together does not exceed $1 million, you can write off all your interest payments for both the homes.

But I just suggest you to consult with an accountant before buying the second home. Because the purchase may makes you eligible for several other deductions also.

Thanks

All times are GMT - 7 Hours

Page 1 of 1