Question:   Is the mortgage interest and property tax on a second residence deductible?

Answer:   The mortgage interest on a second home which you use as a residence for some portion of the taxable year, is generally deductible if the interest satisfies the same requirements for deductibility as interest on a primary residence.

• Real estate taxes paid on your primary and second residence are, generally, deductible.
• Deductible real estate taxes include any state, local, or foreign taxes on real property levied for the general public welfare.
• Deductible real estate taxes do not include taxes charged for local benefits and improvements that increase the value of the property.