Yes, you can deduct the real estate taxes on Schedule A combined with your home real estate tax.
However, the mortgage interest is another issue, if the the loan is not secured by your main home or a home designated by you as a second or vacation home then it is not deductible as personal interest. It may qualify as investment interest.
-
Note: A second home is a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
Publication 550 Investment
Income and Expense-
This publication provides information on the tax treatment of investment
income and expenses, including information for individual shareholders of
mutual funds or other regulated investment companies, such as money market
funds. It explains:
- ·
what investment income is taxable and what investment expenses are
deductible,
- ·
when and how to show these items on your tax return, and
- ·
how to determine and report gains and losses on the disposition of
investment property and provides information on property trades and tax
shelters.
TurboTax has more great information here: What
Are Deductible Investment Interest Expenses?
(Edited: 01.16.2017 | 9:08a)
