Interest Deduction on Primary and Second Home Limitations

[Dofdear]

Have a primary home that the interest deduction is limited under the $750K limitation.  My question is, if I purchase a second home, does that home have it's own separate interest deduction limitation or is it combined with the primary residence?  In my case if it is combined then I would get no additional interest deduction.  If not combined then I could deduct interest up it's own interest limitation.  Which way is it?  Thanks,  Dan C

[Bsch4477]

• Mortgage interest on a second home is tax deductible within the same limits as the mortgage on your first home.

[Dofdear]

So you are saying that there is only one $750K limitation for both the primary and 2nd home.  Each home does not have it's own separate $750K limitation for a total of $1.5M.  Am I understanding this correctly?  Dan C

[Bsch4477]

Correct. See page 12 of this pub. 
https://www.irs.gov/pub/irs-pdf/p936.pdf