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I thought you could only deduct mortgage interest for a primary residence. Can you do it for rental mortgages as well?

Yes, and currently for second homes as well, though that is likely to be the first to change.

A rental is a business and you can deduct expenses against income, both rental and ordinary income in some cases . When we had our rental, it lost money on paper, but benefited us when it came to lowering the taxes we paid on our regular income. There are lots of tax benefits to owning a rental, though some of those have been reduced in the past couple of years.

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