RE: IRS deduction

[sandykayak]

 
I just remembered that the interest on the popup is a legitimate tax deduction as a 2nd home as long as it has " facilities."   and a portapottie DOES count.
 
 anyone have the " code/rule/what"  number?  I wrote it down somewhere.  got it from the dealer.

[bikolee]

 sandykayak
Don t have the " code/rule/what"  number you are asking about, but. This is only true if you can itemize your taxes. Also, to me anyway, it seems that would be a red flag for them to ?  We can t itemize, and our camper is paid for, so......

[4Galvs]

 sandykayak

 

ORIGINAL:  sandykayak
 
 I just remembered that the interest on the popup is a legitimate tax deduction as a 2nd home as long as it has " facilities."   and a portapottie DOES count.
 
 anyone have the " code/rule/what"  number?  I wrote it down somewhere.  got it from the dealer.
 

 
 Straight from the IRS:
 
 http://www.irs.gov/formspubs/page/0,,id%3D103242,00.html
 

[jawilson]

 sandykayak
Below is what the IRS says in publication 936. By this definition, a trailer with a cot, porta-potti and a hotplate would qualify.
 
 Qualified Home
 For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
 
 I guess it s legit until the taxman gets wind of it, then they ll probably take it all back.[]

[mike4947]

 sandykayak
The key word in that publication is " secured" . Means the loan has to have either your personal home or the PU as collateral for the loan. Just because you bought a PU with a personal loan doesn t mean it s deductable. Same goes for those with a high enough limit on their credit cards to use it for a PU; not deductable.