You may deduct mortgage interest on two homes. See IRS Publication 936 below:
- Main home - You can have only one main home at any one time. This is the home where you ordinarily live most of the time.
- Second home - A second home is a home that you choose to treat as your second home.
- Second home not rented out - If you have a second home that you don’t hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You don't have to use the home during the year.
Are you renting out the second home? If that home has not been sold and has been converted to rental property, then the mortgage interest likely is offset against the rental income on 1040 Schedule E.
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