Credit Home Mortgage Loan Blog

Can you deduct mortgage interest on a loan for a second home?

home#2 asked:


Our current home is in Seattle. We will be keeping this home and living in it during the summers, our new home will be in Denver and we will be living in it during the rest of the year.

Eddie

Tags: Current, Mortgage Interest, Mortgage Loan

This entry was posted on Sunday, January 18th, 2009 at 4:57 pm and is filed under Renting & Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Can you deduct mortgage interest on a loan for a second home?”

1. Andrea G says:

   January 20, 2009 at 2:37 am

   Jack

   Don’t know but you better check with the pros before you do it!
2. STEVEN F says:

   January 23, 2009 at 3:47 am

   Sue

   If you rent out the second home when, you are not using it, the amount on rental vs. personal use determines if it is a ‘qualified home’ for the home interest deduction. If not, you can claim one second home. If you rent more than the allowed amount to treat the home as a qualified home, you can probably claim some of the interest and other expenses against the rental income. You are required to claim any rental income anyway.
3. Derrick L says:

   January 24, 2009 at 10:15 am

   Jerome

   Yes you can! I know a few people who have been doing it for years.