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Old 03-17-2014, 10:18 PM   #1
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Interest tax deductible?

Can anyone tell me if the travel trailer we purchased last year can be considered a second home and as such is interest paid tax deductible?
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Old 03-17-2014, 10:25 PM   #2
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Yes
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Old 03-17-2014, 10:26 PM   #3
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Interest tax deductible?

I checked into this last year and found that, for me, the difference was so nominal that it wasn't worth the possible red flag with the IRS.

I strongly encourage you to talk to an accountant who knows you're actual financial situation.
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Old 03-17-2014, 10:31 PM   #4
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Yes as long as it meets the requirements for a second home which are namely permanent eating, sleeping and bathroom facilities. Be sure to list the interest separate from your primary home mortgage interest. I always put it on line 11 of Schedule A - home interest not reported to you on form 1098. Adding it to line 10 is an invitation for an audit.
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Old 03-17-2014, 10:39 PM   #5
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Yes. Check out IRS publication 936, I think. Look at what constitutes a qualified home. Agree with epenydad, check with your tax advisor.
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Old 03-17-2014, 10:42 PM   #6
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From IRS 936:

Qualified Home

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

http://www.irs.gov/publications/p936...link1000229900
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