Is correct a tax professional is your best way of determining the possibility of a deduction. I do believe that presently only interest from a primary mortgage is deductible. Check with your accountant though. You can always go to the IRS website to read up. Here is also a link to the pdf file about interest deductions: http://www.irs.gov/pub/irs-pdf/p936.pdf
Now this is presently a hotly debated topic by our politicians with some talking about doing away with interest deductions.
So again the best way to be sure is to speak with a tax professional.
Hope this helps,
Generally mortgage interest is deductable on primary residence, but was this loan used to purchase the property or was it an equity loan? When you discuss this with an accountant, as you absolutely should, they will need to know this to answer with certainty.
Have a great night.