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If I own a condo in Manhattan and a coop in Long Island city

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If I own a condo in Manhattan and a coop in Long Island city as an investment property (currently rented) can I buy a house in PA as a "second home" or "vacation home" and still be able to deduct mortgage interest? Or no? I am not planning on selling my primary residence or my investment property but I really want a house- just worried about tax implications.

Hello, and thanks for using just answer and requesting me. The mortgage interest on the PA second home is every bit as deductible as the interest on your primary home. Of course, the mortgage interest on the investment property is a deductible business expense against the income that you receive. Here is a Kiplinger Article with more details on the subject.

I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.

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