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?

[PeterH-350LE]

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.

Peter
What is this about personal property taxes on motorhomes? I live in texas, can I expect to pay other taxes every year??

[PeterH-350LE]

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.

[markjoandall]

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.

[ViewRVs]

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.)

[ALANSD]

If you have no lien on the motorhome, can you depreciate it? Am I nuts??( no, don't answer the second question)