Claiming TT on IRS Taxes as 2nd home

[Touch N Go]

Help on claiming my new TT on my Taxes in Tx. Is interest the only stuff I can use?? Is it worth it???

Any advise people.

[thodgson]

Hello,
Funny you should ask that I just stumbled across an article on that the other day, check out http://rv-roadtrips.thefuntimesguide...deductions.php
It reminded me that I have to do that yet on my taxes and since I brought mine in 2014 I can do the IL sales tax also.

[WVDusty]

I no in WV the interest paid is all you can claim . In my case it was not worth it. As we have a very low interest rate.

[clubhouse]

AFAIK only the interest from a loan secured by the "second home" is deductible.

Is it worth it? IMO if you are already itemizing, then hell yes it's worth it. I take every deduction I am legally entitled to. There is no way I am sending one cent more than required to Washington (or Sacramento in my case). If I had a loan against my TT, you bet I would take the deduction.

[norty1]

Check with you local taxing authority as they vary widely. We get a break on personal property tax as a 2nd home because it has a kitchen and bath and bedroom. We have to apply yearly when we get the tax bill. It saves us a bunch in PP taxes.

Interest on the loan is also deductable if you itemize.

[krsmitty]

Yes, in Florida you were able to deduct interest.

[usmc616]

If you are paying interest on the loan the interest is deductable on the federal form. If your state allows you may be able to deduct the sales tax, paid in 2014, on your state form in lieu of claiming any paid state taxes. Simply go to the IRS website and you will get all the clarification you need.

[Nighthawk 96]

In South Carolina you can claim your RV as a second home. It cuts the personal property tax in half for us.

Even so, the pp tax on the trailer is more than the tax on our stick house!

[Jagiven]

Check your local rules. I claim every possible deductions possible. As long as you have to file your taxes, I would take the claim.

[skylarkva]

On federal the catch is that the loan has to be secured by the RV- if you have an unsecured loan it's not eligible.