If you have two properties with two different 1098's you should post them separately.
There is also an annual limit on the amount of mortgage interest you can deduct. The interest limitation isn’t based on a fixed number; rather, the maximum interest you can deduct is that which accrues on up to $1 million of outstanding principal loan balances.
This $1 million restriction applies to the combined total of loan balances on both of your homes – not just the mortgage balance on the second home. Moreover, this maximum mortgage balance only applies to funds you borrow that are used to buy, construct or make improvements to your home and that were obtained after Oct. 13, 1987.
If any of your outstanding mortgage balances were used for other purposes, you may still be able to deduct them, but only as home equity loan interest.
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