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12-14-2017, 11:50 AM
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#1
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Senior Member
Join Date: Aug 2015
Location: Albany, OR
Posts: 692
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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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2015 Jayco 27RLS
2015 Ford F250 6.7PSD
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12-14-2017, 12:08 PM
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#2
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Senior Member
Join Date: Feb 2017
Location: Dallas
Posts: 4,281
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I been tryin to keep up with it and haven't heard anything about it myself.
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Tight Lines and accurate shots
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12-14-2017, 01:10 PM
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#3
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Senior Member
Join Date: Aug 2015
Location: kaml
Posts: 1,285
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Up here we don't even get to deduct the mtg interest on the first home
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12-14-2017, 04:46 PM
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#4
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Site Team
Join Date: Jan 2011
Location: James Island, SC
Posts: 22,859
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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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12-15-2017, 08:07 AM
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#5
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Senior Member
Join Date: May 2017
Location: Brunswick
Posts: 491
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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.
-Michael
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12-15-2017, 10:01 AM
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#6
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Lost in the Woods
Join Date: Apr 2016
Location: Ontario Canada
Posts: 256
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Quote:
Originally Posted by PlayersZ28
Up here we don't even get to deduct the mtg interest on the first home
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Nope !! Americans don't realize how good they have things (most), and the crap we Canadians have to go through.
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12-15-2017, 10:24 AM
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#7
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Senior Member
Join Date: Aug 2015
Location: kaml
Posts: 1,285
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Quote:
Originally Posted by Danno
Nope !! Americans don't realize how good they have things (most), and the crap we Canadians have to go through.
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Then add in the 13% sales tax
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12-15-2017, 10:46 AM
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#8
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Senior Member
Join Date: Nov 2011
Location: Where ever the boss says we're going.
Posts: 16,109
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Quote:
Originally Posted by PlayersZ28
Then add in the 13% sales tax
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But you get "free" health care..
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12-15-2017, 11:09 AM
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#9
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Senior Member
Join Date: Aug 2015
Location: kaml
Posts: 1,285
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Quote:
Originally Posted by Grumpy
But you get "free" health care..
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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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12-15-2017, 11:25 AM
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#10
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Senior Member
Join Date: Nov 2011
Location: Where ever the boss says we're going.
Posts: 16,109
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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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12-15-2017, 11:25 AM
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#11
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Senior Member
Join Date: Feb 2017
Location: Dallas
Posts: 4,281
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Quote:
Originally Posted by PlayersZ28
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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Not if you worked your whole life. The slackers get it cradle to grave though
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Tight Lines and accurate shots
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12-15-2017, 11:55 AM
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#12
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Senior Member
Join Date: Apr 2015
Location: Michigan
Posts: 2,650
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From what I have seen the deductions are capped at 10k for property tax and mortgage interest deduction which would cover your MH
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