[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-5379":3},{"rec_id":4,"title":5,"text":6},"5379","What if I had mortgage interest on a second (or vacation) home?","\u003Cb>The Home was NOT Rented Out\u003C/b>\r\n\u003Cbr>\r\nMenu Path: \u003Ci>Deductions/Credits > Itemized Deductions > Homeowner Expenses (1098)\u003C/i>\r\n\u003Cbr>\u003Cbr>\r\nYou may include your mortgage interest as an itemized deduction on the \u003Ci>Homeowner Expenses\u003C/i> screen. Your mortgage interest may be \u003Ca href=\"/freefile2025/answers?faq=8107\">limited\u003C/a>.\r\n\u003Cbr>\u003Cbr>\r\n\u003Cb>The Home was Rented Out\u003C/b>\r\n\u003Cbr>\r\nMenu Path: \u003Ci>Income > Business / Rental Income > Rental Income (Schedule E)\u003C/i>\r\n\u003Cbr>\u003Cbr>\r\nIn order to deduct some or all of your mortgage interest as an itemized deduction you must have lived in your second home the longer of: \r\n\u003Col>\r\n\u003Cli>\r\n15 days \u003Ci>OR\u003C/i> \r\n\u003C/li>\r\n\u003Cli>\r\nMore than 10% of the days the home was rented to others. \r\n\u003C/li>\r\n\u003C/ol>\r\nIf you meet the requirement above and rented your home for 14 days or less you can deduct all the mortgage interest as an itemized deduction. If you rented the home for more than 14 days you must split the mortgage interest between personal and rental use.\r\n\u003Cbr>\u003Cbr>\r\nFor example, if you owned a vacation home on the coast and lived in it for 25 days of the year and rented it out for 75 days you could deduct 25% of your mortgage interest as an itemized deduction (25 days personal use / 100 days total use). So if you had $10,000 of mortgage interest, you would enter $2,500 of your mortgage interest on the \u003Ci>Homeowner Expenses\u003C/i> screen. You would enter the remaining $7,500 as \u003Ci>Mortgage Interest Paid to Banks\u003C/i> on the \u003Ci>Rental Expenses\u003C/i> screen.\r\n\u003Cbr>\u003Cbr>\r\nIf you didn't live in the home long enough to meet the 15 day or 10% requirement, you will need to enter all your mortgage interest as a rental expense on the \u003Ci>Rental Expenses\u003C/i> screen.",1777391583173]