Travel Trailers and tax deductions

[krackeer]

Just curious...from what I have read on the internet, you can deduct the interest you pay on your TT from your taxes, not to mention personal property taxes, sales tax, etc. True?

[Lsuduke]

That's what we were told we we bought ours, we just finished our home equity loan and were pleased that we could claim the interest on the loan on our taxes.

[mcfarmall]

I use TurboTax every year and found nothing that would allow me to deduct the interest.

[norty1]

It is a personal property deduction. If I itemize, I can deduct the loan interest on my RV if it is livable. They consider it livable if it has a kitchen and a bath.

Your local taxing authority has to make it legal in your state.

[RoyBraddy]

It was turbo tax that told me to use mine...

I have been doing this for over five years now claiming the fifth wheel interest as a second home. Not a big reduction but every penny helps... You can only claim one second home and of course you have to file long form to get it...

Some folks have tried to claim the tow vehicle that pulls their second home but that didn't work.

[Gibby3275]

In Canada, we can't deduct the interest from our home, but when we sell the gains are tax free.

[Moving Target]

I was able to deduct interest from my TT last year.