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Johnny wants to deduct mortgage interest for his vacation home, which he uses with his...

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Accounting

Johnny wants to deduct mortgage interest for his vacation home, which he uses with his family a few times a year. He purchased the property in 2015. Can he deduct the mortgage interest he paid on their vacation home?
No, mortgage interest deductions for second homes are no longer allowed
Yes, he can deduct the entire amount of mortgage interest paid, regardless of the size of the mortgage
Yes, he can deduct the mortgage interest within the limits that were in place when he purchased the property
Yes, he can deduct the mortgage interest, but subject to the current deduction limits of $750,000

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