Can you deduct mortgage interest on a second home that you use as a rental property?

Deductions for Rental Property Here are opinions and advice from FAQ Farmers: It depends. This is from Tax Topic 505 at IRS. Gov: "Your main home is where you live most of the time.It can be a house, cooperative apartment, condominium, mobile home, house trailer, or houseboat that has sleeping, cooking and toilet facilities.

... A second home can include any other residence you own, and treat as a second home. You do not have to use the home during the year. However, if you rent it to others, you must also use it as a home during the year for more than the greater of 14 days or 10 percent of the number of days you rent it, for the interest to qualify as home mortgage interest I don't know what the laws are like in your jurisdiction but around here a second home purchased for the purpose of renting is considered a rental property.

Everything including mortgage, property taxes, and utilities etc are totally written off. Even maintentance, yard cutting, repairs are all written off too This is not tax advice but this is governed by the IRC. If the primary purpose is rental then interest and other ordinary and necessary expenses are all deductible.

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