The National Directory of Certified Public Accountants

Ask A CPA - Interest - Itemized Deduction

Mortgage Interest - Third Home

Generally you may deduct on Form 1040 Schedule A qualifying mortgage interest on up to 2 residences as well as premiums paid for mortgage insurance. A residence may be a coop unit, condominium, mobile home, houseboat, that has cooking, sleeping and toilet facilities. Interest on debt secured on more than 2 residences may still be deductible if you use the proceeds for investment or business purposes.

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