<<Is mortgage interest deductible on a second home if it is NOT your primary residence? In addition, Does it make a difference if you no longer have a motgage on your primary home??? The mortgage on my primary home will be paid off in a year or so.........thanks, Debbie...>>You may deduct mortgage interest on up to two properties, so yes, you can deduct the interest on a second home that is not your primary residence. And after you pay off your first house, you could buy a 3rd home and begin deducting that mortgage too;-)All of this assumes that your looking at these houses as personal residences (primary or not) rather than income-producing rental properties. That's another kettle of fish...
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