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bob213

Fresno, CA

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Posted: 02/07/19 07:38pm Link  |  Print  |  Notify Moderator

2nd home appears to be deductible to me. It may be limited.
See "qualified home" on page 4 here:
pub.936

Sales tax if it is greater than the table amt. for your income.
Registration is like reg. on your vehicles.


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Walaby

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Posted: 02/07/19 08:00pm Link  |  Print  |  Notify Moderator

I believe you have to be able to itemize deductions, before the sales tax deduction can come into play. So, you have to get to 24K (or more) before the sales tax deduction can be taken.

The Tax Cuts and Jobs Act modified the deduction for state and local income, sales and property taxes.

If you itemize deductions on Schedule A, your total deduction for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if married filing separately).

Mike


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Super_Dave

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Posted: 02/07/19 08:27pm Link  |  Print  |  Notify Moderator

Thanks guys. I think I temporarily have some peace of mind, at least until we meet with our tax guy.


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Dick_B

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Posted: 02/07/19 08:31pm Link  |  Print  |  Notify Moderator

Sales and property tax deduction is pegged at $10K max.
The per person exemptions are gone.
If you are over 65 don't use the standard deduction listed on the 1040.
Single seniors standard deduction is $13,600; married filing jointly it is $26,600.
Form 1040A and 1040EZ are replaced by form 1040. That's about the only change that makes the new tax law simpler.
P.S. I do income taxes as a volunteer for AARP.

* This post was last edited 02/08/19 07:29am by Dick_B *   View edit history


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morphrider

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Posted: 02/07/19 08:40pm Link  |  Print  |  Notify Moderator

wildtoad wrote:

morphrider wrote:

You can't use it as a second home anymore. We did ours, could not claim it.


I don’t believe this to be totally factual. My H&R Block software says I can at least for federal taxes. Haven’t got to state yet. I’m deducting both the interest on the loan as well as the personal property taxes.


We went into H&R Block. Same person has been doing my taxes for several years. She was disappointed as well for us.

twodownzero

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Posted: 02/07/19 08:48pm Link  |  Print  |  Notify Moderator

I used to itemize, but now my house is worthless to me. Single filing status. I don't owe on my camper, and I'm glad I don't now that I learned that.

Me Again

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Posted: 02/07/19 09:09pm Link  |  Print  |  Notify Moderator

bob213 wrote:

2nd home appears to be deductible to me. It may be limited.
See "qualified home" on page 4 here:
pub.936

Sales tax if it is greater than the table amt. for your income.
Registration is like reg. on your vehicles.


Does not look like it has changed over the years:

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.


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babock

Los Angeles, CA

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Posted: 02/07/19 10:48pm Link  |  Print  |  Notify Moderator

In 2018, only RVs with motors can be considered a second home for mortgage interest purposes.

Dick_B

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Posted: 02/08/19 07:24am Link  |  Print  |  Notify Moderator

The best IRS publication that covers almost all topics in one document is Publication 17 (Pub 17) which you can view online at IRS.gov. Not sure if the actual booklet can be ordered yet, or ever.

ItsyRV

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Posted: 02/08/19 07:25am Link  |  Print  |  Notify Moderator

babock wrote:

In 2018, only RVs with motors can be considered a second home for mortgage interest purposes.

May not be true. The section of the code that states that turns out to be in the business section for deductions. Unless the RV is owned by a business that section doesn't seem to apply to personal owned RV's. The article that originally caused the confusion has been corrected by many newer articles from tax professionals.


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