House was purchased in June 2006. Just curious to know. Thanks in advance for any help.

Am I allowed to dedudct interest I pay on a second mortgage for taxes?

My second mortgage is $150k. I understand that one can only deduce the interest paid in first $100k. He is this correct one, and if it is thus he would be reasonable that as soon as one goes away of 1/3 of the interest, when doing the deduction (for the past year I only made payments of the interest)?