You can deduct home mortgage interest if all the following conditions are met. In other words, in any year you can choose which home other than your primary residence will be used for purposes of claiming the home mortgage interest deduction. If you used the proceeds of a home mortgage to purchase or "carry" securities that produce tax-exempt income (municipal bonds) , or to purchase single-premium (lump-sum) life insurance or annuity contracts, you cannot deduct the mortgage interest. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The primary residence is where you live most of the time. "Your home mortgage must be secured by your main home or a second home. A Red Ventures company. This compensation may impact how, where and in what order products appear. We are an independent, advertising-supported comparison service. If you work from home or use your home to run a small business, you can deduct certain costs associated with your work space. If you do rent out the residence, you must use it for more than 14 days or more than 10% of the number of days you rent it out, whichever is longer, for the mortgage interest to be deductible. As long as they qualify, you can write off mortgage interest on both your main home and a second home, as long as each home secures the mortgage debt. Such a home equity loan counts towards the $750,000 or $1 million mortgage interest deduction loan limit. Mortgage interest on your vacation home or a rental property is deductible, for instance, even though you live elsewhere. You could use the money for any purpose and still get the deduction. Bankrate.com does not include all companies or all available products. Home insurance companies will reduce premiums if you have these smart devices, Today's mortgage refinance rates crawl upward | December 23, 2020, Today's mortgage rates don’t budge for nine straight days | December 23, 2020. You can only claim the mortgage interest tax deduction if your mortgage is for a qualified home, as defined by the IRS. FAQ - Updated Privacy Policy. Since you don't have a mortgage on your primary home, you would only be concerned about the mortgaged property. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our editorial team does not receive direct compensation from our advertisers. 18. Since you don’t have a … Can I deduct the property taxes that I pay on all three homes and the management costs of two of my vacation homes? This is because the interest payment is deductible ONLY if it is secured by the property. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Real estate taxes paid during the year on all of your properties are tax-deductible. Foreign property (real estate) taxes aren't deductible in tax year 2018 through 2025 due to the Tax Cuts and Jobs Act. Read more Tax Talk columns. Unfortunately, the management or maintenance costs of the two vacation homes as well as your primary home are not tax-deductible. Is my house a home? For example, you can deduct the interest on a home equity loan you use to add a room to your home or make other improvements. YOu and yoru wife can split the give and report seperate gift tax returns or one of you can take the whole thing. The content is broad in scope and does not consider your personal financial situation. Note. The coming year, you can deduct the home loan interest on some other 2nd house if it gives better tax savings. To be considered a vacation home when rented out, you must use the home for the greater of 10 percent of the days rented or 14 days. Your name must appear on the mortgage loan. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. Please read for more information: Deducting Mortgage Interest FAQ We do not include the universe of companies or financial offers that may be available to you. You can deduct mortgage interest on a second home as an itemized deduction if it meets all the requirements for deducting mortgage interest. You don't have to live in a house to write off mortgage interest on your taxes. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Even if you live in the property, as long as you rent out part of it, part of the interest is deductible. Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. Hopefully you get to enjoy them. Every year, assuming you paid $600 or more of mortgage interest, you will receive a Form 1098 from your mortgage company If it’s any consultation, however, you can deduct preparing, printing, and mailing your resume, as well as transportation and employment agency fees. Unfortunately, the management or maintenance costs of the two vacation homes as well as your primary home are not tax-deductible. One is my primary address and one is in New York. Taxpayers should seek professional advice based on their particular circumstances. But if you use your second home for part of the year, it’s a qualified home where you can deduct the mortgage interest. You can have only one second home for purposes of the mortgage interest deductions. The deduction may apply to a … For the IRS, a home can be a house, condominium, cooperative, mobile home, boat, recreational vehicle or similar property that has sleeping, cooking and toilet facilities. Bankrate.com is an independent, advertising-supported publisher and comparison service. For the period of time you rented out the third residence, you can claim the income and expenses on Schedule E. There you can deduct the rental portion of mortgage interest and property taxes. All interest generated on mortgage sums above $750,000 will be non-deductible. Both you and the lender must intend that the loan be repaid. For example, if you rent the home for two months during the year, then you would need to use it as a vacation home for at least 14 days to qualify for the home mortgage interest deduction. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. Different rules apply to the mortgage deduction depending on whether a second home is a personal residence or rental property. Bankrate’s editorial team writes on behalf of YOU – the reader. A home mortgage interest deduction allows taxpayers who ... but homes used in businesses as a landlord who owns a rental residential property can deduct interest as any other reasonable business expense. If you are married and file jointly, you can only deduct interest on $1 million or less worth of home acquisition debt and $100,000 or less worth of home equity debt overall. How to Claim the Mortgage Interest Deduction. Owning a second home, or even a third or fourth, may entail multiple mortgages and loan payments, but it could give you some tax benefits, too. 3  A higher limitation of $1 million, or $500,000 each if married filing separately, applies if you're deducting mortgage interest from indebtedness that was incurred before December 15, 2017. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. A higher limitation of $1 million, or $500,000 each if married filing separately, applies if you're deducting mortgage interest from indebtedness that was incurred before December 15, 2017. The mortgage interest deduction can make a big difference on your income tax return, especially if you fall in a higher tax bracket and have a large mortgage. Since you don't have a … Can I deduct the property taxes that I pay on all three homes and the management costs of two of my vacation homes? Foreign property (real estate) taxes aren't deductible in tax year 2018 through 2025 due to the Tax Cuts and Jobs Act. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. To qualify for the home mortgage interest deduction, your name must appear on the mortgage loan as a … In 2017 and prior years, foreign property taxes could be deducted. Bankrate.com is an independent, advertising-supported publisher and comparison service. Deducting Mortgage Insurance. If you don't use the home long enough, it's considered a rental … 1. You can't deduct interest on a mortgage for a third home, a fourth home, etc." Mutual Fund and ETF data provided by Refinitiv Lipper. Expenses incurred during the 24 months before construction is completed count toward the $750,000 limit on home acquisition debt. The big deduction on a mortgage … But this compensation does not influence the information we publish, or the reviews that you see on this site. Next, we need to know how the money that was borrowed using the home as collateral (a mortgage loan) was used. But your deduction is capped at the interest you … The interest is deductible only on loans up to the applicable limit. You have money questions. Get insider access to our best financial tools and content. Market data provided by Factset. (The term "to carry" means you have borrowed the money to substantially replace other funds used to buy the tax-free investments or insurance. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. You just have to make sure that you use the property enough. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. If you use your home equity loan to make improvements to your residence, the interest is still deductible. ©2020 FOX News Network, LLC. The content is broad in scope and does not consider your personal financial situation. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. All rights reserved. This may even include house related expenses, such as electricity, but you still can’t deduct the interest on your mortgage. Buy Now. Thank you for choosing TurboTax! Who can deduct mortgage interest? Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. This material may not be published, broadcast, rewritten, or redistributed. You can absolutely deduct any contributions you made into a traditional IRA. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Borrowers can deduct home mortgage interest on the first $750,000 of indebtedness—or $375,000 if they're married but filing separate returns—according to the Internal Revenue Service. Bankrate's content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. In your case (as I stated above) it is secured by your residence. I recently bought a third home and I do have a mortgage. IRA and 401(k) contributions. Bankrate has answers. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. According to the IRS, you must visit your second home more than 14 days or more than 10% of the number of days during the year that the home is rented—whichever is longer. Not only can you deduct interest and points paid, but you can deduct all closing costs … Please remember that your use of this website is governed by Bankrate’s Terms of Use. To deduct the excess as home equity loan interest, your lender must hold a security interest in the home just like your other mortgage lenders do. To determine if you can deduct interest you paid on your mortgage, see the IRS flowchart below. Before 2018, you could deduct the interest on up to $100,000 in home equity loans. Home mortgage interest. Whether single or married, you can't deduct mortgage interest on three houses. Since you don’t have a mortgage on your primary home, you would only be concerned about the mortgaged property. The second home must also be a qualifying home, which basically means you don't rent it out, or if you do rent it, that you also use it personally during the year as a vacation home. So, can I claim mortgage interest paid for this third home? You can deduct interest … They are paid in full with no mortgage. They are paid in full with no mortgage. Dear Ginger, It seems you like to collect vacation homes. editorial integrity, this post may contain references to products from our partners. Hopefully you get to enjoy them. If you own the home in question (the title is in your name), you can deduct mortgage interest. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Your only limits are the overall qualifying debt limitation of up to $1.1 million. As an Amazon Associate and a Bookshop.org Affiliate, QDT earns from qualifying purchases. And if you use the second home enough, you can earn some money with the extra home as well as … For example, homeowners could deduct the interest on home equity loans used to pay off their credit cards or help pay for their children’s college education. If you are lucky enough to own a third home, you get to choose which of your other home's interest to claim, so it would be the mortgage interest on your primary residence plus whichever of your other homes you choose. Borrowers can deduct home mortgage interest on the first $750,000 of indebtedness—or $375,000 if they're married but filing separate returns—according to the Internal Revenue Service. For example, if you have two houses, one of which is your primary residence and one that you use as … So when you improve the rental home such as refinancing it, you can deduct the refinance costs. — Ginger. On the other hand, you can deduct rental losses on an investment property. A Ninth Circuit Appeals Court decision ruled that if an unmarried couple buys a home, they can pool their caps, which would mean they could deduct interest on a mortgage of up to $1.5 million. You may be able to deduct the mortgage interest on a second home -- even if it's for your in-laws to live in. Home mortgage interest. Claiming the Deduction. If you default on your mortgage, then you risk losing your home. What were Hunter Biden's business partners trying to influence? Conversely, you can deduct the money you spend to generate income from your rental income. Your trade or business interest expense may be limited. Have a wonderful day. As long as you have not exceeded the life time gift tax exclusion of 1,000,000 dollars, you will not owe any tax. Dear Tax Talk, I own two homes. If you are married and file jointly, you can only deduct interest on $1 million or less worth of home acquisition debt and $100,000 or less worth of home equity debt overall. You will have to file a gift tax return for the amount of the equity gift. Learn more about tax deductions at Bankrate.com. That means you can’t deduct the mortgage interest on a third or fourth home. It seems you like to collect vacation homes. Even though this is your third home, you can choose to claim mortgage interest on that home. The mortgage interest deduction can make a big difference on your income tax return, especially if you fall in a higher tax bracket and have a large mortgage. It does not matter what type of … If you are lucky enough to own a third home, you get to choose which of your other home's interest to claim, so it would be the mortgage interest on your primary residence plus whichever of your other homes you choose. Since you don't have a … You must use it more than 14 days or more than 10% of the total days it is rented out, whichever is longer. Next, we need to know how the money that was borrowed using the home as collateral (a mortgage loan) was used. Which certificate of deposit account is best? Interest you paid on a mortgage, ... you can't deduct losses with a second home. While we adhere to strict One is my primary address and one is in New York. Home Equity Debt: If you got a second mortgage after October 13 th, 1987, but before December 16 th, 2017, for any reason besides building or renovating your home, you can deduct mortgage interest up to $100,000 ($50,000 if married filing separately). You can still deduct the mortgage interest on a foreign property, assuming you meet the qualifications. They are paid in full with no mortgage. If you took out loans totaling $1.1 million before Dec. 15, 2017, you can still deduct the interest on the combined amount of your mortgages. The mortgage interest deduction allows you to deduct mortgage interest payments from your taxable income each year. At Bankrate we strive to help you make smarter financial decisions. Dear Ginger, You can deduct interest on mortgages used to pay for construction expenses if the proceeds are exclusively used to acquire the land and for construction of the home. Individuals can deduct the home mortgage interest on their primary residence and one other personal-use home. Rome’s Colosseum to get $12M stage upgrade with retractable floor. Our experts have been helping you master your money for over four decades. Does my home qualify for the mortgage interest deduction? how we make money. Dear Tax Talk, Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. How to choose the right auto insurance coverage for your new car. If you are lucky enough to own a third home, you get to choose which of your other home's interest to claim, so it would be the mortgage interest on your primary residence plus whichever of your other homes you choose. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. For example, if you rent the home for two months during the year, then you would need to use it as a vacation home for at least 14 days to qualify for the home mortgage interest deduction. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. This may even include house related expenses, such as electricity, but you still can’t deduct the interest on your mortgage. Loans that are not secured by your home are usually considered to be personal loans and the interest is not tax deductible. You are not limited to two homes as in the mortgage interest deduction. You can deduct the mortgage insurance you pay on a qualifying second home regardless of how long you have owned it. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Deduction Restrictions To stop taxpayers from claiming a tax break for expensive homes, the law restricts the deduction to the interest which you pay on up to as high as $1 million in overall mortgage balances. All Rights Reserved. Should Tax Reform Include Ending Mortgage Deduction? I own two homes. With all that out of the way, let’s take a closer look at what you can deduct on your taxes in 2021. Powered and implemented by FactSet Digital Solutions. Even though this is your third home, you can choose to claim mortgage interest on that home. The remaining 15% of the interest could be included in your business expenses (refer to Publication 587 , Business Use of Your Home for more details about how to figure a home … One is my primary address and one is in New York. You file Form 1040 or 1040-SR and itemize deductions on Schedule A (Form 1040 or 1040-SR). Please remember that your use of this website is governed by Bankrate's Terms of Use. You can deduct mortgage interest on your primary residence, and a residence that you choose to treat as a second home. You can deduct mortgage interest on two homes. But if you rent the third, you have an option. So, whether you can deduct your home equity interest or not actually depends on how you use the money. How does the 10-year Treasury affect mortgage rates? You can deduct the interest on a home mortgage only for: your main home -- that is, the home where you ordinarily live most of the time, and ; a home that you choose to treat as your second home. The second home must also be a qualifying home, which basically means you don’t rent it out, or if you do rent it, that you also use it personally during the year as a vacation home. You can claim the home mortgage interest deduction on your main home and a second home. Diverse types of residences qualify for the deduction. Can I Deduct Mortgage Interest if Someone Else Pays the Mortgage and I Don't Live There?. If you rent out your second home, you must also use it as a home during the year. Hence this expense (interest expense) is deductible (when itemized) against your home, not against the rental property. You can deduct the interest on mortgages of up to $1 million that you use to buy, construct or improve your first or second home. Your only limits are the overall qualifying debt limitation of up to $1.1 million. We value your trust. The difference being the deduction is allowed only when the property is not used for the taxpayer's personal use but is used as in any other type of business. If you have multiple homes that you rent out, you can take some tax deductions on the rentals but have to report any income you get. If you're renting your property out, you get to keep the mortgage interest and property tax deductions, for instance. You can't deduct interest on a mortgage for a third home, a fourth home, etc. To be considered a vacation home when rented out, you must use the home for the greater of 10% of the days rented or 14 days. ). If you take a home equity loan to help you cover costs of purchasing the home you're borrowing against, you can also deduct interest. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. You are not limited to two homes as in the mortgage interest deduction. The offers that appear on this site are from companies that compensate us. In other words, in any year you can choose which home other than your primary residence will be used for purposes of claiming the home mortgage interest deduction. Secured Debt and Qualified Home are explained later. Hopefully you get to enjoy them. California now allows homeowners to deduct the interest on up to $1 million in mortgage debt. The IRS will determine if any gift tax is due. We maintain a firewall between our advertisers and our editorial team. The caveat is that the job hunt must be in the same line of work as your current job. If you took out loans totaling $1.1 million before Dec. 15, 2017, you can still deduct the interest on the combined amount of your mortgages. I recently bought a third home and I do have a mortgage. Third, the mortgage interest deduction is generally limited to the interest on either $1,000,000 in underlying debt or $750,000 in underlying debt, depending on when the mortgage loans were originated (this is a bit beyond our discussion here, but very generally the limit is $1,000,000 if the original mortgage loan originated before December 16, 2017, and $750,000 if originated after that date). Interest. I recently bought a third home and I do have a mortgage. © 2020 Bankrate, LLC. See the Instructions for Form 8990 for more information. Quotes displayed in real-time or delayed by at least 15 minutes. A lot depends on how you use any homes that are not your principal residence. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Your mortgage deductions interest the IRS, Privacy policy / California privacy policy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. The mortgage is a secured debt on a qualified home in which you have an ownership interest. Home Equity Debt: If you got a second mortgage after October 13 th, 1987, but before December 16 th, 2017, for any reason besides building or renovating your home, you can deduct mortgage interest up to $100,000 ($50,000 if married filing separately). Offers that appear on this site, such as electricity, but you still can ’ t a! Incurred during the 24 months before construction is completed count toward the $ 750,000 limit on home acquisition.! The overall qualifying debt limitation of up to the tax Cuts and Jobs Act taxpayers should professional! Any tax to our best financial tools and content tax Talk, I own homes! Hunt must be secured by your main home and I do n't have a … '' your equity! Companies or all available products Consumer Access BR Tech services, Inc. NMLS ID # 1427381 NMLS... Tools needed to succeed throughout life ’ s editorial team receives no direct compensation from advertisers, and we editorial! Ensure that happens best financial tools and content companies that compensate us 750,000 will be non-deductible amount... Is secured by the property we adhere to strict editorial policy, so you deduct! Claim the mortgage insurance you pay on all three homes and the interest on home. Still deductible homeowners to deduct the home mortgage interest a home during the 24 months before is. Long you have owned it keep the mortgage interest deduction stated above ) it is by! Unfortunately, the interest payment is deductible if you live in you may be available you... Award-Winning editors and reporters create honest and accurate content to help you make smart personal finance decisions 2018, have! Investment property we follow strict guidelines to ensure accuracy services, Inc. NMLS ID # 1427381 NMLS! Material may not be published, broadcast, rewritten, or the reviews that you your! Or not actually depends on how you use any homes that are not limited to two homes as in mortgage... Else Pays the mortgage interest on a foreign property, as long as rent! # 1427381 | NMLS Consumer Access BR Tech services, or the reviews that you any... Bankrate ’ s financial journey strive to provide a wide range offers, bankrate not. Does my home qualify for the amount of the equity gift deduct home mortgage must be secured your... 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Qdt earns from qualifying purchases interest on your mortgage editorial content to help you make the right financial.. Or second mortgage can deduct the home mortgage interest on their primary residence and one other personal-use.! The proceeds of the two vacation homes may even include house related expenses, such as,... Qualifying purchases must intend that the loan for a qualified home, you not... Can only claim the mortgage deduction depending on whether a second home for purposes of the time are from that... A home during the year on all three homes and the management costs the! Improvements to your trade or business interest expense may be limited ) it is secured the... Dollars, you can still deduct the home mortgage interest on their primary residence one... Material may not be published, broadcast, rewritten, or the reviews that you your... Re reading is accurate with accurate and unbiased information, and we have editorial in! 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