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Mortgage interest deduction on second home

Posted on: 22nd Oct, 2006 09:10 pm
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.
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.
Posted on: 22nd Oct, 2006 09:42 pm
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
Posted on: 23rd Oct, 2006 03:02 am
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