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Old 01-25-2003, 06:33 AM   #1
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MH interest deduction

Here its, tax time again. My question for today is: Is the interest deductable under the second home rule? According to there website sample, it gives a 5th weeler as deductable, as long as it is not rental propert. Anybody deducting it?
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Old 01-25-2003, 06:45 AM   #2
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It does state it in black and white
>>>>A qualified home includes a house, condominium, cooperative, mobile home, boat or similar property that has sleeping, cooking and toilet facilities.<<<<<
Now just hope that the lobbying effort initiated by the Texas RV association will succeed in getting rid of the proposed and controversal property tax for Mh's and trailers.
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Old 01-25-2003, 07:26 AM   #3
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Property taxes

Peter
What is this about personal property taxes on motorhomes? I live in texas, can I expect to pay other taxes every year??
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Old 01-25-2003, 07:46 AM   #4
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KK,
We should know more by may. There is no property tax as of right now. I happen to know the people involved in the lobbying and will report as soon as things unfold.
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Old 01-25-2003, 08:38 AM   #5
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Interest expense

As one who has been preparing income taxes for over 30 years, I should be able to answer your questions regarding interest and personal property taxes.

Mortgage interest deduction - An AS will qualify as a second residence because it has a galley and a head. The interest you pay on the loan for a second residence is deductible as mortgage interest.

Personal property taxes - Personal property tax is deductible if it is a state or local tax that is charged on personal property, based on the value of the personal property, and is charged on a yearly basis. Vehicle license fees based on weight, model, year or horsepower is not deductible.

Here in NH we have no sales taxes, however over a five year period we will pay at least 8% of the cost of a vehicle in personal property taxes. The tax we pay is deductible where as a sales tax is not.

Good luck on your taxes.
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Old 01-25-2003, 03:31 PM   #6
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Income Tax Software

FYI - Last year I used the Tax Cut software. I could not electronically file with claiming the MH interest. I was told that TurboTax does allow the electronic filling with the MH interest. I will use TurboTax this year and find out. Both packages are very good but I prefer to file electronically.

Since the MH is loaned as a vehicle, you don't get the same 1099-G that you do with a house loan.

(It is deductible with either, but TaxCut requires a paper filing.)
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Old 01-25-2003, 04:20 PM   #7
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If you have no lien on the motorhome, can you depreciate it? Am I nuts??( no, don't answer the second question)
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