Can I deduct mortgage interest on my second home?
Yes, mortgage interest and property taxes can be deducted as itemized deductions on your second home. Your second home can be a house, condo, RV, boat, or camper as long as it has cooking, toilet, and sleeping facilities. There are special rules if you rented out your second home.
For Alternative Minimum Tax (AMT) the mortgage interest is only deductible if the loan is used for your main home or a second home that is a qualified dwelling.
A qualified dwelling for AMT is a house, apartment, condominium, or mobile home not used on a transient basis. House boats or recreational vehicles don't qualify as qualified dwellings.
For Alternative Minimum Tax (AMT) the mortgage interest is only deductible if the loan is used for your main home or a second home that is a qualified dwelling.
A qualified dwelling for AMT is a house, apartment, condominium, or mobile home not used on a transient basis. House boats or recreational vehicles don't qualify as qualified dwellings.
