WINGSNOW
Grand Forks, N.D>
New Member
Joined: 12/10/2011
View Profile
Good Sam RV Club Member
 Offline
|
I would like some help/opinions on this. We are residents in one state, but spend at least 8-9months in another state, in our 5th wheel, for my husbands job. Our accountant is only allowing us to claim the interest on the loans of the 5th wheel and truck on our taxes. Shouldn't we be able to claim the ENTIRE payments, as we live in it over months? We had heard of this tax-break as a "second home" tax break. Any help/ideas would be appreciated.
|
stickdog
29.820224, 81.94542
Senior Member
Joined: 01/27/2002
View Profile
Offline
|
WINGSNOW wrote:I would like some help/opinions on this. We are residents in one state, but spend at least 8-9months in another state, in our 5th wheel, for my husbands job. Our accountant is only allowing us to claim the interest on the loans of the 5th wheel and truck on our taxes. Shouldn't we be able to claim the ENTIRE payments, as we live in it over months? We had heard of this tax-break as a "second home" tax break. Any help/ideas would be appreciated.
Taking the interest deduction is the "Second Home" tax break.
9-11 WE WILL NEVER FORGET!
04 HitchHiker DA LS 33.5 RLTG
09 F350 CC DRW 4X4
John
“A good traveler has no fixed plans, and is not intent on arriving.” Lao Tzu
|
n7bsn
Yes
Senior Member
Joined: 04/11/2004
View Profile
Offline
|
Also the "Second Home" would not include the truck, ever. Payments on the truck MIGHT be allowed as a business expense, it would depend on your exact situation
2008 F350SD V10 with an 2012 Arctic Fox 29-5E
When someone tells you to buy the same rig they own, listen, they might be right. When they tell you to buy a different rig then they own, really pay attention, they probably know something you don't.
|
Francesca Knowles
Port Hadlock, Washington
Senior Member
Joined: 02/23/2011
View Profile
Offline
|
WINGSNOW wrote:I would like some help/opinions on this. We are residents in one state, but spend at least 8-9months in another state, in our 5th wheel, for my husbands job. Our accountant is only allowing us to claim the interest on the loans of the 5th wheel and truck on our taxes. Shouldn't we be able to claim the ENTIRE payments, as we live in it over months? We had heard of this tax-break as a "second home" tax break. Any help/ideas would be appreciated.
Wow-
It seems weird to be getting a tax question from a North Dakotan...
From what I read here on these forums, you'd think RVers based there pay no taxes at all!
I don't think there's a law anywhere that allows one to claim a deduction for a loan payment on the place one lives in.
But if you find one be sure and post the details for all of us that are making payments on our houses!
" Not every mind that wanders is lost. " With apologies to J.R.R. Tolkien
|
Old-Biscuit
Across the USA
Senior Member
Joined: 06/20/2009
View Profile
|
Think you might want to listen to your accountant.......
Only get the interest deduction on you home...not the entire mortgage, same for the 'second' home loan.
|
|
|
Travlingman
Jonesborough, TN
Senior Member
Joined: 10/16/2003
View Profile
Good Sam RV Club Member
Offline
|
Ask your accountant if you can claim the lot rent.
2012 F-350 King Ranch DRW
2008 Jayco Designer 35RLTS
|
2oldman
Moses Lake
Senior Member
Joined: 04/15/2001
View Profile
Offline
|
WINGSNOW wrote:Shouldn't we be able to claim the ENTIRE payments, as we live in it over months? No. And if the answer were yes, you better get a new accountant. Amazing what people have 'heard'.
|
wandering1
Texas
Senior Member
Joined: 06/18/2002
View Profile
Offline
|
Do you claim your entire house payment or just the interest on the mortgage? The best thing you can do is pay attention to your tax accountant and not all of the personal opinions you get on the internet.
HR
|
Dick_B
Palos Heights, IL USA
Senior Member
Joined: 07/10/2002
View Profile
Good Sam RV Club Member
Offline
|
This is discussed every year; sometimes more often. Refer to IRS Publication 936 for a discussion on mortgage interest.
Dick_B
2003 SunnyBrook 27FKS
2011 3/4 T Chevrolet Suburban
Equal-i-zer Hitch
One wife, two bikes (both Electric Schwinn's with motor assist)
|
SailorPam
Medford, OR
Full Member
Joined: 09/20/2010
View Profile
Good Sam RV Club Member
Offline
|
2oldman wrote:WINGSNOW wrote:Shouldn't we be able to claim the ENTIRE payments, as we live in it over months? No. And if the answer were yes, you better get a new accountant. Amazing what people have 'heard'.
x2
As someone who is licensed to answer this question - Listen to your accountant.
* This post was
edited 12/11/11 04:13pm by an administrator/moderator *
2004 Keystone Sprinter 327RLS "Booner"
2001 Ford F350 "Bessie"
Working towards a full-time life mobile.
|
|
|
