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Can I deduct the mortgage interest on a timeshare?

Yes. You can deduct the mortgage interest on a timeshare if these are all true:

  • You own the timeshare -- you aren't renting it.
  • You're treating it as your second home.
  • You're legally liable for the debt on the home.
  • The debt is secured by your main home or a second home that's not rented out.

If you have more than one second home, you can only deduct the interest on one of them. You must choose which to treat as your second home.

If more than one person owns the home and pays mortgage interest, each person can deduct the interest. This is true for each person legally liable for the mortgage. However, this doesn’t apply to a married couple filing a joint return.

If the bank issues Form 1098 with two or more homeowners' names on the form, special rules apply. Each homeowner can only deduct the mortgage interest and real estate taxes paid using the person's own funds. Homeowners should include a statement with their respective returns. The statement should explain each person's share of the total interest shown on the Form 1098.

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