Yes, you may claim mortgage interest on your primary home and one other home as long as the requirements are meet to deduct the loan interest:
- Your loan must be secured by your main or second home
- Your loan must have been used to build, buy, or substantially improve the home that you used to secure the loan (You can't deduct the interest if you used it for personal expenses.)
- The total of your mortgage debt (acquisition and home equity) did not exceed the amounts below:
- For tax years prior to 2018, you can write off 100% of the interest you pay on up to $1.1 million of debt secured by your first and second homes and used to acquire or improve the properties. This is made up of a maximum of up to $1M of mortgage debt plus a maximum of up to $100k of home equity debt. (That's a total of $1.1 million of debt for all homes, not $1.1 million on each home.)
- Beginning in 2018, the limit is reduced to $750,000 of debt secured by your first and second home for binding contracts or loans originated after December 16, 2017.
- For loans prior to this date, the limit is $1 million ($1.1 million without the $100,000 home equity portion).
Refer to the TurboTax article Can I deduct my mortgage interest? and Buying a Second Home—Tax Tips for Homeowners for additional information.
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