If you live in a house you can deduct the interest on the mortgage up to $50,000 since the mortgage is less than $750K. However, I see in part of your question above, " assuming i live in the the property and don't own it - Could i recognize the same amount?" If you live in the property and you do not own the property, then you would be renting the property from someone else and not eligible to take a federal deduction as rent is not a deductible expense on your federal return.
Basically, if you own a property, you can deduct the mortgage interest on mortgage amounts up to $750k if the property is for personal use.
If you are renting out the property, then the mortgage interest may be deductible as a rent expense.
If you do not own the property, you do not get a deduction.
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