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The deduction on mortgage interest is dear to Americans and is popularly thought to have been created to encourage middle-class homeownership. In fact, it.

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It depends on how you use the money you borrow. Taxpayers can "often still deduct interest on a home-equity loan, home equity line of credit or second mortgage, regardless of how the loan is labeled,".

mortgage interest deductions on second homes. Can you deduct mortgage interest on a second home? If your second house was purchased before December 15, 2017, is used primarily for personal use and isn’t a rental or business property, then the answer is yes; you can deduct the mortgage interest on the second home just as you would with your.

If your mortgage originated on or before December 15, 2017, congratulations, you are grandfathered into the prior tax treatment and may deduct interest on up to $1,000,000 ($500,000 if married filing separately) of mortgage principal provided that the loan was used to buy, build, or substantially improve a main or second home.

Mortgage interest is one of the major itemized deductions personal taxpayers can have. Only the mortgage interest on the first $1 million (aggregated) of a first or second home purchase can be.

You can deduct mortgage interest on a second home as an itemized deduction if it meets all the requirements for deducting mortgage interest. If you rent out your second home, you must also use it as a home during the year. You must use it more than 14 days or more than 10% of the total days it is rented out, whichever is longer. If you do not use the home long enough, it is considered a rental property. You can then deduct the mortgage interest as a rental expense.

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But the plan takes aim at the mortgage interest deduction in another way, too, by eliminating deductions for mortgages on second homes. This could have a significant impact on certain areas of the.

When compared to the new standard deduction of $24,000 for married couples filing jointly, the first-year mortgage interest on a balance of $750,000 would offer $8,155 more in deductions. In 2017, itemizing mortgage interest on that amount allowed homeowners to deduct $19,000 more than the old standard deduction of $12,700.