Yes. You can deduct interest you pay on a loan secured by your main home (where you ordinarily live most of the time) and a second home. A second home can include any other residence you own and treat as a second home, and can be a mobile home, house trailer, recreational vehicle, or houseboat that has sleeping, cooking and toilet facilities.
This is an itemized deduction similar to a home mortgage. If your total itemized deductions (Property Tax,
Mortgage Interest, Charitable Donations and State Income Tax) don't add up to
more than the standard deduction for your filing status. More info about your
situation would be needed to know for sure.
Here are the
standard deduction amounts for 2016. (Your itemized deductions need to exceed
this number in order for them to help you and trigger a Schedule A on your
return.)
Filing Status Standard Deduction
Single
$6,300
Married Filing
Jointly $12,600
Married Filing
Separately $6,300
Head of Household
$9,300
Qualifying Widow(er)
$12,600
