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October Surprise 2024

[Solved] Can You Deduct Mortgage Interest on a Second Home?

$750,000 Total Debt Cap: That limit covers your primary home and second home mortgages combined. The 14-Day Rule: If you rent the property for 14 days or fewer during the year, the rental income is tax-free, and you can deduct mortgage interest on Schedule A as usual. However, if you rent it for more than 14 days, the property becomes mixed-use.