Can I deduct mortgage interest on a second home?
You can deduct mortgage interest on a second home as an itemized deduction. If you rent out your second home, you must also use it as a home during the year. You must use it more than 14 days or more than 10% of the total days it is rented out, whichever is longer.
If you do not use the home long enough, it is considered a rental property. You can then deduct the mortgage interest as a rental expense.
Note: Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).