Tax Question for full timers
Have always heard MH's could be written off as a second home, but what if you are full timer and have no brick and mortar home? Is there any advantages? This is are first filling since owning.
Forum Discussion
As long as the rig complies with IRS Publication 939 (which class A should) -
"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."
The pub number might change for 2014. The sleeping, cooking, and toilet facilities is the key. Most hard sided rigs are in but a pop up might not in regards to toilet facilities requirement.
If rent your rig out or use it for business purposes things get complicated and confusing regarding the deduction and it would be best to seek out competent assistance for advice. Also you might not receive a 1099 from the mortgage holder and will need to determine the amount of interest paid from other means such as a year end statement. You can still claim the interest without a 1099.
"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."
The pub number might change for 2014. The sleeping, cooking, and toilet facilities is the key. Most hard sided rigs are in but a pop up might not in regards to toilet facilities requirement.
If rent your rig out or use it for business purposes things get complicated and confusing regarding the deduction and it would be best to seek out competent assistance for advice. Also you might not receive a 1099 from the mortgage holder and will need to determine the amount of interest paid from other means such as a year end statement. You can still claim the interest without a 1099.
