Can we claim mortgage interest and closing cost deductions on a second home we purchased last year, while still claiming mortgage interest on our primary home?

[KatrinaB · Accepted solution]

You can deduct property taxes on your second home, too. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own.

On a new loan, mortgage interest paid (including origination fee or "points") and real estate taxes are deductible.

Please view the TurboTax FAQ below for more information.

https://ttlc.intuit.com/replies/4793461

The closing costs below are not tax deductible but may increase the cost basis of your home. This will benefit you when you sell.

• Attorney fees in connection with obtaining property
• Commissions
• State stamp taxes and transfer taxes
• Tax service fees
• Title policy fees or title insurance
• Miscellaneous abstracts of title, surveys, recording of deed
•  Appraisal Fee