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Old 03-02-2007, 04:55 PM   #1
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Tax benefit

Good day,

Some of you or many may know the answer to this question. My wife and I were running through our plan for moving back to the States from Mexico and a question came up. We really donít know where to settle down only that it will be in the west somewhere and plan on full-time living in the Airstream until that place is determined. The question is this, if we finance the trailer rather than purchasing outright is the interest a deductible as a mortgage interest on your tax return?
toocrazy

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Old 03-02-2007, 05:09 PM   #2
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*Yes, it can be a tax deduction. There are several threads that have discussed this...here's one

There are a lot more, put "tax deduction" in the search feature.

Shari



*The fine print...consult your tax consultant to see if your particular circumstances apply
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Old 03-02-2007, 06:52 PM   #3
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Yes you can, if you are able to itemize deductions. The lending institution will report the interest and points paid to you (and the IRS) on a form 1098-mortgage interest, which you can use to prepare your taxes.

Again, you have to itemize for it to do you any good. You would itemize if your interest (and other items on Schedule A) exceed your standard deduction. The standard deduction for 2006 is $5150 single ($10300 if married filing jointly). If single and over 65 it is $6400 ($12,300 if married with both over 65). The standard deduction goes up roughly by inflation each year.

I'm not a tax professional. For some reason my wife doesn't understand (nor do I) I do volunteer tax preparation, the source for the above info.
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Old 03-02-2007, 08:21 PM   #4
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Yes, but you would have to figure out if the tax benefit was worth the interest paid.
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Old 03-02-2007, 09:52 PM   #5
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Quote:
Originally Posted by Silvertwinkie
Yes, but you would have to figure out if the tax benefit was worth the interest paid.
Hi, a tax deduction will never make up for interest paid, but will help you if you have to finance.
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Old 03-03-2007, 05:47 AM   #6
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Thanks for the guidance on this subject it helps in pointing out possible directions. Oh, I did try the search before posting but must have used the wrong wording for I didnít get any hits so thanks for your patience with the newbie.


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Old 03-03-2007, 06:35 AM   #7
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Quote:
Originally Posted by ROBERTSUNRUS
Hi, a tax deduction will never make up for interest paid, but will help you if you have to finance.
If you can deduct you would be a little further ahead to have a paid up tow vehicle and any loan on the Airstream.
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Old 03-03-2007, 08:53 AM   #8
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Quote:
Originally Posted by toocrazy
Thanks for the guidance on this subject it helps in pointing out possible directions. Oh, I did try the search before posting but must have used the wrong wording for I didnít get any hits so thanks for your patience with the newbie.
No problem...glad to have you on-board! We mods just just gotta plug the search feature every once & awhile ~

SHari
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