Taxes NC

There's probably a few "ifs, ands, or buts" involved. You'd best speak directly to your North Carolina tax people just to make sure they apply to you. Without anyone knowing your exact earning status, and housing status, most any opinions would be mostly speculation.

What is true for someone else, may not necessarily apply to your particular situation.

True, you should check the tax code, but there are instances where the interest can be written off as a second home. There are stipulations as to how many nights have to be spent in it etc.

Check with your CPA or NC tax people.

This deduction has nothing to do with which state you live in. It is allowed on the Federal Income Tax forms. You are allowed to claim your RV as a second home if it meets certain criteria being a second home must have sleeping, cooking, and toilet facilities. If your travel trailer meets these conditions, it can be a second home. You can deduct interest paid on a loan used to purchase your second home. You can only deduct interest for two homes—your main home and a second home.

This is all described in your Income Tax return forms...

Interest paid on a $35,000 loan in my case doesn't add up to much but every bit helps haha All you need to do is identify the loan provider for the second home loan.

As stated above you should check all of this out from the Income tax forms instructions...

Again it has nothing to do with individual states. Its a federal Income tax benefit...

Tons of information can found on GOOGLE about this subject...

Works for me here in VA... My ten year note is just about up haha...

Roy Ken

If you are talking about federal income tax deductions, the state doesn't matter. I'm assuming you are concerned with your state income tax deductions.

The only difference in North Carolina tax law and federal is the maximum deduction.

You may deduct mortgage interest for your main home and a second home. A camper qualifies as a second home as long as it has sleeping space, toilet, and cooking facilities.

If you do not rent out your camper, there is no requirement that you use the camper during the year. If you do rent it out, then you must use it 14 days or 10% of the time it is rented, which ever is longer.

The total of mortgage interest and property tax is limited to $20,000.

§ 105-153.5
The amount allowed as a deduction for interest paid or accrued during the taxable year under section 163(h) of the Code with respect to any qualified residence plus the amount claimed by the taxpayer as a deduction for property taxes paid or accrued on real estate under section 164 of the Code for that taxable year. The amount allowed under this sub-subdivision may not exceed twenty thousand dollars ($20,000).

Tom

Yes you can. Do it every year, and as mentioned. It is Federal.