Loan interest write off?

[motorcyclechic]

Someone told me I could write the interest of my loan for my fifth wheel off because it could be considered a 2nd home. Is this true? That would be great as my 1st house is close to being paid for and my interest is less than 1/3 of the principal now. Any accountants out there?

 

[trackeer]

Absolutely,

But, wont' qualify as a second home if you pay off your first, some stupid IRS rule, you know like the chicken before the egg thing, I write off a boat currently as my second home the new Cyclone will have to wait it's turn until I sell "das boot", another IRS Rule can't have more than one(1) second home, geez.....

Moe

 

[motorcyclechic]

I'm hoping to have the house, the truck and the new camper all paid off about the same time..in 7 years. Hopefully..if all goes well.

 

[TravelTiger]

We've used TurboTAX for our income taxes. It asks if you have a qualifying second home... I think you'd have to read the tax code, but I believe as long as it has a functioning water, sewer and electrical system, it counts as a 'home'. So yes, we've deducted the interest on the RV as a second home.

TT

 

[motorcyclechic]

No "3rd" home? LOL!!

 

[DC10-FE]

I write my interest payments off. My tax dude said since it has a bathroom and a kitchen, it's considered a 2nd home. He also mentioned that there were no longer any limits to the number of additional "homes" you can write off.

 

[JohnDar]

If it was illegal, Congressional sessions would be held in a Federal prison.

 

[porthole]

Cooking, sleeping and bath facilities is all it takes. Technically a pop up camper with a porta pottie and propane camp stove could qualify - as well as your new Cyclone.

Find out if whomever supplies the loan will also supply the required 1098 (I think) mortgage interest statement.

Mine is financed through a pension loan, so although it is great rates and simple maintenance I don't have a clue as to what the interest payments are.

Fortunately for us (huh) we still have a "first preferred ships mortgage" (a loan) that still qualifies for the deduction.

 

[trackeer]

WOW,

No limits to number of additional home write off's
Want to make sure the accountant was referring to vaca homes and not additional homes as in investment homes, i.e. multi family and the like, which typically requires one to establish some entity to qualify the write off's.
That is a new one on me but who knows with the current state of finances in the US any effort to motivate the economy can only help, I will also ask my Accountant Dude about this gift unto us lowly tax payers and if so make sure it is not a short term tax incentive.

Moe

 

[porthole]

Another sales tax write would be good - used that last year for the Cyclone purchase.

 

[motorcyclechic]

Congressmen don't go to prison.. They just forget...to pay..to file...opps.

 

[trackeer]

Don't forget the Hired Illegals!!!!

Anyways Motorcyclechic you can for sure write off your RV and for that matter any recreational vehicle that qualifies;

But, you must have a 1st home and mortgage!
Your Second as long as it has a Kitchen and Bathroom as well as a actual stick and/or mortor residence of course with Loans/Mortgages, I will ask my CPA about this multiple home write off's, hmmmmmmmmmmmm.

Of course you could write off a number of other things, but it appears you are not a Senator, Congressman, and/or Nominee for any of the perk White House Job's.

What you ride;

We ride A FLH Ultra 010
Road King Screaming Eagle 03

Will be nice to haul our goodies around and have a room to stay in while were doing it, nothing like NOT staying in a Motel/Hotel.

 

[TGLBWH]

If it can be used as a home, meaning bathroom, kitchen, sleeping quarters the interest is deductible as second home. has nothing to do with your first mortgage. You are allowed only two homes for this deduction whether it be a stick built home, rv, boat, modular, etc. I speak from experience as an enrolled agent with the IRS and 11 year paid preparer. enjoy the new toy and the deduction. a 1098 is not necessarily needed although preferred, just who you pay the interest too.

 

[jmgratz]

Don't forget if you have a business you can write off your RV, travels and maybe even the campground expenses as business expenses if you use the RV in your business and travel in it to do the business such as selling ads in campground maps or something similar.

 

[Tom of Ypsi]

Don't forget if you have a business you can write off your RV, travels and maybe even the campground expenses as business expenses if you use the RV in your business and travel in it to do the business such as selling ads in campground maps or something similar.

OR some of that fine RESCUE TAPE like Ken and Kathy Adams (Kakampers) sells. Great stuff BTW