Deductible Mortgage Interest on Boats, Mobile Homes and Time Shares

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Deductible Mortgage Interest on Boats, Mobile Homes and Time Shares

Make sure you get the most out of your big ticket purchases by deducting the interest, if allowed.

The interest expense on boats, mobile homes, house trailers or similar property may be allowed if they have the following amenities:

Sleeping area
Cooking facility
Toilet facilities

This is only if local law allows for such use. For instance, if a boat is moored in a marina where overnight sleeping is prohibited then the mortgage deduction would not qualify.

Timeshares can be considered a second home and the mortgage interest is deductible as well. If the timeshare is rented out, then the mortgage expense would be deducted from the rental income.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

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Deductible Mortgage Interest on Boats, Mobile Homes and Time Shares

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