No. Mortgage interest is deductible only on your primary residence and on a second home. The loans must be secured by those properties. There are also limits on the total amount of home mortgage debt on which you can deduct the interest, which may vary depending on when the mortgage debt was incurred. See IRS Publication 936 for detailed information on the home mortgage interest deduction.
Articles in this section
- If I were to make a gift of money to a friend or family member in financial difficulties, would I be able to declare it as a charitable gift on my tax return?
- How are deductions handled when married persons file separate returns? Most of the expenses come out of a joint account; must they be split in half?
- I was not able to itemize my mortgage interest last year since I didn't have enough deductions to itemize. Can I add this interest to this year's amount and deduct them both?
- My husband and I have a mortgage on our home, an RV and a time-share. Can we deduct the mortgage interest we paid on all three of these?
- My spouse has dementia and requires in-home care. Is this expense deductible?