My friend has a house in Albuquerque, NM in which he and his wife lives. He also has two houses in Texas which are occupied by the children. They don't pay any rent just the utilities. There are Mortgages on all three houses which my friend pays. How many of the mortgages can he deduct on his tax return?
Thank you for your wisdom, Marion
========================================= MODERATOR'S COMMENT: He can deduct, within limits, the mortgage interest he paid on the main home and one second home. And can deduct the real estate taxes he paid on all his properties.