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[[.Is mortgage interest deductible on a second home if it is NOT your
primary residence? ]]

Yup...generally...depending upon a number of circumstances.

[[In addition, Does it make a difference if you no longer have a motgage on your
primary home???]]

Nope.

[[ The mortgage on my primary home will be paid off in a year or so...]]

Congratulations.

You'll deduct the mortgage interest on Schedule A. There are various restrictions for mortgages in general, and you should really read IRS publication 936 to understand more about mortgages for both your first and second home.

TMF Taxes
Roy

SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)
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