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[[This is probably a dumb question. If we buy a summer home, can we deduct
mortgage interest for both homes?]]

Generally speaking, the answer is yes. And you can also generally deduct property taxes for both homes also. But you'll have to stop at two...since the deduction for mortage interst on a third (or more) residence would take some very fancy footwork.

If you use the second home also as a "vacation" rental, (where you rent it out when your not using it), the rules become much more complex.

But if you would like to read more about the mortgage interest deduction, for both a primary and secondary residence, check out IRS Publication 936.

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