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Reload this Page Deducting Mortgage Interest/Federal

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Old 04-06-2001, 11:29 PM
Nalston
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Cool
(NY) - I sold my home. I now live in a mortgaged RV for which I pay mortgage interest. Is this deductible? I live in in FULLTIME. (Retired).
Can a SECOND mortgage interest be deducted for a cabin or 2nd home cottage that I live in for 2 weeks of the year?
Are both of these deductibles in effect? Any changes in the law in recent years?
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Old 04-08-2001, 01:22 PM
loku
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Mortgage interest on second home

You can deduct the interest on both mortgages if the amount of the total debt is less than $1,000,000, and if the amount of debt that you took out for any other purpose than to buy, build, or improve your homes is less than $100,000.
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