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Old 12-14-2017, 10:50 AM   #1
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Tax and interest deduction for motorhomes...

Anyone know if the tax and interest deduction for 2nd homes is on the chopping block in the current tax bill (as of 12/14/2017)?
I know a lot of people use this deduction for their motorhomes, which under current law is considered a vacation/second home.
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Old 12-14-2017, 11:08 AM   #2
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I been tryin to keep up with it and haven't heard anything about it myself.

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Old 12-14-2017, 12:10 PM   #3
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Up here we don't even get to deduct the mtg interest on the first home
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Old 12-14-2017, 03:46 PM   #4
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In SC, the tax is a personal personal property tax levied by the county. If I itemize, I used to be able to deduct it and the interest but the last few years the standard deduction is the best way to go for me.

Check your local county laws, they differ. Ours is taxed as a 2nd home locally.
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Old 12-15-2017, 07:07 AM   #5
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From what I have read, I've only heard of capping the deduction of mortgage interest at $500,000 for newly purchased homes. Homes currently owned are still being capped at $1,000,000. I have not seen any mention of 2nd mortgage deductions. However, with the standard deduction increasing to $24,000 for a family, for many, it won't even matter anymore.

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Old 12-15-2017, 09:01 AM   #6
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Up here we don't even get to deduct the mtg interest on the first home
Nope !! Americans don't realize how good they have things (most), and the crap we Canadians have to go through.
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Old 12-15-2017, 09:24 AM   #7
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Nope !! Americans don't realize how good they have things (most), and the crap we Canadians have to go through.
Then add in the 13% sales tax
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Old 12-15-2017, 09:46 AM   #8
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Then add in the 13% sales tax
But you get "free" health care..
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Old 12-15-2017, 10:09 AM   #9
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But you get "free" health care..
Haha, free as in we paid for it with our taxes. I think the health care system is pretty good for he most part though. Would be better if it was federal rather than provincial so you could freely move around the country and keep the same healthcare.

Isn't US h/c free when you get old enough?
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Old 12-15-2017, 10:25 AM   #10
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Only partially, still need some sort of supplemental plan, then they still have some deductibles and copays.
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