The amount of home mortgage interest a taxpayer can deduct depends on the:

• Date of the loan
  
  
• Amount of the loan
  
  
• Use of the loan's proceeds

If a mortgage debt was incurred on or before October 13, 1987, and it was secured by a main or second home, the loan's interest is fully deductible regardless of the loan amount or use of loan proceeds.

	A main home is the one the taxpayer lives in most of the time.