Can I just report 2 mortgages when I have 3 mortgages for maximize the deduction?

[tony.gao1107]

I have 3 mortgages, 2 of them are applied before 2017, the third one was closed on Sep 2018.

The first two mortgages have about 580k balance, and the interest in 2018 is about 23k. 

The third one balance is 510k and the interest is about 2.7k since this one is starting payment from Sep 2018.

Can I just report the two mortgages that applied before 2017? Then I will have 23k deduction for this year.

If add the third one, the total balance will exceed the 750k limit, then I only can apply about 18k deduction for this year.

[TomK · Accepted solution]

You can only claim mortgage interest on your primary home and ONE second home. Take note of the IRS Pub. 936 excerpt below in bold-face type.

Please read this IRS document for more information:

https://www.irs.gov/publications/p936

More than one second home.

"If you have more than one second home, you can treat only one as the qualified second home during any year. However, you can change the home you treat as a second home during the year in the following situations.

• If you get a new home during the year, you can choose to treat the new home as your second home as of the day you buy it.

• If your main home no longer qualifies as your main home, you can choose to treat it as your second home as of the day you stop using it as your main home.

• If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home."