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Old 12-19-2012, 11:25 AM   #1
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Interest Deduction on 2nd Homes May Go Away

A full page ad in the San Diego U-T from the California Association of Realtors urged people to write their congress members to vote against a possible loss of interest deductions on second homes. Including not only second homes, but boats and RV's as well. They also warned against the loss of interest deduction on certain home equity loans.

Canada phased out these deductions over a five year period.

Would this move, if passed, make any difference to you in buying a new AS?
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Old 12-19-2012, 11:55 AM   #2
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Would make no difference.

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Old 12-19-2012, 12:05 PM   #3
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Second mortgage deduction will likely fly out the window as it applies primarily to higher income earners.

Not that this any solace, but the UK removed all deductions from their income taxes years ago. Interest paid of any, charitable gifts, medical insurance and bills, etc are all now after tax items. As a bonus to the government taking of the population's money, the VAT was raised to 20% on most purchases.
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Old 12-19-2012, 02:10 PM   #4
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Honestly, although I benefit from the deduction, I'm okay with it going away.
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Old 12-19-2012, 03:07 PM   #5
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No difference.
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Old 12-19-2012, 03:20 PM   #6
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No difference to us, but it seems to me it would make more sense to limit interest paid on a mortgage indebtedness cap (currently $1.1M combined acquisition and equity debt) rather than on the number of properties. But then when's the last time anything done by our elected life forms made sense?
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Old 12-19-2012, 03:33 PM   #7
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I'm all for doing away with the 2nd home deduction.
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Old 12-19-2012, 04:02 PM   #8
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Traveled all over the country with backpacks, tents, and VW camper vans for 40 years before buying an Airstream to retire with. Didn't need a tax deduction and never missed much.

If they're offering income tax deductions to buy these things, they may be persuading you to buy more than you can afford. Especially if there's a substantial income decrease for any reason.

Note that it's the Realtors who are most alarmed about it.

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Old 12-19-2012, 06:28 PM   #9
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Quote:
Originally Posted by Dan and Liz View Post
No difference to us, but it seems to me it would make more sense to limit interest paid on a mortgage indebtedness cap (currently $1.1M combined acquisition and equity debt) rather than on the number of properties. But then when's the last time anything done by our elected life forms made sense?
agree...set a dollar cap not the number of properties....the housing market is a big driver of the economy...was not a factor in the decision to purchase the A/S
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Old 12-19-2012, 06:30 PM   #10
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the UK removed all deductions from their income taxes years ago. Interest paid of any, charitable gifts.............are all now after tax items.
HM Revenue & Customs: Giving to charity through your payslip or pension

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Old 12-19-2012, 07:39 PM   #11
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I'd just as soon do away with all deductionsm loopholes and aspects of our tax policies that tend to reflect the special interest groups that have influenced how the US tax code is structured. Our tax code needs to be simplified and everyone needs to pay their fair share. I generally support the Simpson-Bowles Plan on tax reform.

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Old 12-19-2012, 07:48 PM   #12
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But the special interests (AARP as a prime example) and trade associations won't go away -- imagine the unemployment rate if the lobbyists were unemployed. I doubt it would be long before the deductions and loopholes were back even if they could be eliminated for a while. And I'm not sure who (other than me is qualified to decide what's "fair."

The real problem is that the Congress critters will keep dreaming up ways to spend more than they have anyhow -- on things that the federal government shouldn't even be involved in.
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Old 12-19-2012, 08:10 PM   #13
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But the special interests (AARP as a prime example) and trade associations won't go away -- imagine the unemployment rate if the lobbyists were unemployed. I doubt it would be long before the deductions and loopholes were back even if they could be eliminated for a
Good point. There are no loopholes in the Tax Code, only deductions. And every one has a purpose, a lobby, and voters supporting it. Say what you will about the British Tax Code, but it is simple, easy to understand, and does not require a tax professional to file. Canada's is similar. Eliminate tax deductions, manage the tax rate.
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Old 12-19-2012, 08:35 PM   #14
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I think that the folks who work in the rv manufacturing trade are sweating this one. They had already suffered after 08...
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