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Author: tc001 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Re: mortgage interest deduction Date: 4/8/1998 5:15 PM
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<<Is mortgage interest deductible on a second home...>>

<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.>

True, but I think there are limits. Interest is deductible if *any* of the following apply:
1) All mortages were taken out before 10/13/87.
2) All mortages to buy, build, or improve your home(s) totaled not more than $1,000,000 throughout 1997.
3) Mortgages (home equity loans) not used to buy, build, or improve your home(s) taken out after 10/13/87 that have balances (combined) of not more than $100,000 throughout 1997 and were not more than the fair market value of the home(s).

If you fall outside these categories then I think it gets sticky. At that point, feel free to ask Roy or KAT for help. (Yep, I know how to dodge the tough ones)
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