Mobile Home Tax Deductions

Mobile Home Tax Deductions
People who choose the​ cost-efficient mobile home lifestyle can save even more money with specialized tax breaks .​
Owners of​ mobile homes who pay taxes to​ local government for parking in​ their cities or​ states are eligible for a​ tax deduction .​
Under IRS rules,​ a​ home can be a​ house,​ condominium,​ co-op,​ trailer,​ mobile home or​ even a​ houseboat .​
In order to​ qualify as​ a​ home,​ the​ property should have cooking,​ sleeping and toilet facilities .​
Since mobile homes meet all of​ these conditions,​ owners may take advantage of​ the​ tax deductions notified by the​ federal government .​

Mortgage interest is​ the​ largest tax deduction available to​ mobile home owners .​
Joint tax holders can deduct the​ entire interest amount up to​ a​ maximum of​ $1 million in​ mortgage liability paid on​ a​ first and possibly second house .​

It is​ not necessary to​ calculate the​ amount you​ deduct .​
To claim the​ deduction,​ all you​ need to​ do is​ wait for your lender to​ send Form 1098 at​ the​ end of​ the​ tax year .​
On this form you​ will see how much interest you​ have paid on​ the​ loan,​ and the​ points that are due to​ you​ .​
This is​ your deductible interest for tax purposes .​
The acquisition debt is​ another tax-deductible area .​
the​ acquisition debt is​ equal to​ the​ first or​ second mortgage used to​ build,​ buy or​ improve your home .​
A tax deduction is​ also available on​ your home equity debt .​
Basically,​ this is​ any loan in​ excess of​ what was spent to​ build,​ purchase or​ improve your mobile home .​
Any points that you​ paid during refinancing are also tax deductible .​
Finally,​ you​ are able to​ deduct any property tax paid to​ a​ local or​ state government where your mobile home is​ parked .​
This is​ one tax benefit that every mobile home owner should take advantage of .​
If you​ are paying local taxes,​ don't forget to​ make use of​ federal benefits.
Living in​ a​ mobile home is​ a​ great alternative for anyone seeking an​ affordable lifestyle .​
Tax deductions for mobile home owners make it​ an​ even more cost-effective choice.
Mobile Home Tax Deductions Mobile Home Tax Deductions Reviewed by Henda Yesti on June 25, 2018 Rating: 5

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