Question

Interest Deduction on Primary and Second Home Limitations

Forum|Forum|1 year ago
September 25, 2024
1 reply
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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

B

Bsch4477

Employee

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

D

DofdearAuthor

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