Wednesday, January 25, 2012

Deducting Mortgage Interest

Q:  I work and live in Texas full time in a 5th wheel RV as my one and only primary residence on a private lot. I pay about $1500.00 a year in interest on the loan. Is this interest deductible?

A.  If your RV is the security for the loan, then the interest would be deductible under the mortgage interest rules. Since you live in Texas there is no state income tax to consider. RVers living in other states may find their state of residence no longer allows this deduction, so please check with the state in question. Due to the dire financial situation many states find themselves in, more and more of our state deductions are being eroded.

1 comment:

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