I recently purchased a second home. Are there any second home tax deductions I can claim?

There are not necessarily any second home tax deductions, however you can claim the following:

  • Real estate taxes
  • You can claim the mortgage interest if the debt is secured by the home, and you're not renting out the home. If you’re renting the home, you can deduct mortgage interest on Schedule E as a rental expense.
  • Mortgage insurance premiums paid on a mortgage insurance contract issued after Dec. 31, 2010, and before Jan. 1, 2016. This applies to mortgage insurance in connection with acquisition debt for a home.

The deduction for mortgage insurance premiums is limited to $100,000 and above -- or $50,000 for married filing separately. The deduction is fully phased out at $109,000 -- or $54,500 for married filing separately.

If you’re renting the second home, you might be able to deduct other expenses, like:

  • Depreciation
  • Insurance
  • Repairs


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