Second Home Mortgage Interest Tax Deduction

Second Home Mortgage Interest is a deduction if you itemize deductions and do not hold it for rent or resale to others at any time during the year.  You do not have to use the home during the year.  If you own a second home and rent it out part of the year, you also must use it as a home during the year for the interest to be deducted.  You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair market rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home for itemized deductions. 

Second Home Mortgage interest can be deducted on the Form 1040 Schedule A as an itemized deduction if you have more than one second home, but you can treat only one as the qualified second home during any year. However, you can change the home you treat as a second home during the year in some  situations.

• If you buy a new home during the year, you may choose to treat it as your second home beginning the day you buy it.
• If your main home no longer qualifies as your main home, you may choose it as your second home beginning the day you cease using it as your main home.
• If your second home is sold during the year or becomes your main home, you may select a new second home beginning the day you sell the old one or occupy it as your main home.

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