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Tips on How To Make Financing Your Boat or RV Tax Deductible

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Tips on How To Make Financing Your Boat or RV Tax Deductible
Summer is here and perhaps you’re wondering whether to buy a boat or an RV
for your vacation and if the interest on the loan is tax deductible.
There are two options available to those who wish to take part in this taxdeductible financing. The first option, which applies to homeowners, is to finance
the purchase using a home-equity loan. According to IRS Publication 936, in
most cases, regardless of what the loan proceeds are used for, it is possible to
deduct the interest on a home equity loan of up to $100,000. Generally,
homeowners are allowed to deduct interest on up to a total debt of $1,000,000
that is used for buying or improving a primary residence and second home.
The second option for "cashing" in on this type of deduction is if the boat or RV
has sleeping, cooking, and toilet amenities. These options, or basic living
conditions, may quite possibly make the boat or RV qualify as a second home,
thus, making the interest on the RV or boat loan deductible. One thing to make
sure of during the financing stage is that you secure the loan by the boat or RV.
To qualify for mortgage interest deductions, the RV or boat must be pledged as
security for the loan.
"A great number of taxpayers can expand their home mortgage interest
deduction by purchasing an RV or boat," says NAEA PR Chair Gerry Voss, EA.
"Not only do you get the fun of having an RV or boat, but you also get the
mortgage interest deduction too. Taxpayers need to be sure to shop around for
the best interest rates and loans terms."
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