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* **Debt for a vacation property**: If you use a property for vacation purposes (more than 14 days during the year), interest on the debt might only be partially deductible. | Deductibility | Yes | No | Find out more https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/ 2. **Determine Your Qualifying Debt**: Identify which debts qualify for the deduction, including your first mortgage, second mortgage, and any home improvement loans. * **Understand the Timing**: You can deduct the interest paid on your mortgage in the year it was paid, even if the payment was made in the last month of the year. For example, if you make a mortgage payment in December, you can deduct the interest portion of that payment on your tax return for the current year, even though you won't receive the tax benefit until the following year. The interaction of federal and state tax laws when it comes to homeownership can be complex. Here's a comprehensive view: Here's a simple example: **2. Second Homes and Investment Properties:**