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Dick_B

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Posted: 10/16/20 07:33am Link  |  Quote  |  Print  |  Notify Moderator

So if you are in a 10% tax bracket if you write off $100 in interest you cut $10 off your taxes.


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Posted: 10/16/20 08:35am Link  |  Quote  |  Print  |  Notify Moderator

gbsteph wrote:

So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?


Why are you interested in what others do on their taxes?


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valhalla360

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Posted: 10/16/20 08:39am Link  |  Quote  |  Print  |  Notify Moderator

Dick_B wrote:

So if you are in a 10% tax bracket if you write off $100 in interest you cut $10 off your taxes.


Only if you exceed the $24k standard deduction and itemize. If not, you get nothing.


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gbsteph

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Posted: 10/16/20 03:54pm Link  |  Quote  |  Print  |  Notify Moderator

Thanks to all. I bought it out of state and didn't pay sales tax. Will have to see what interest has been paid for this year...the year I purchased it...and see if it's worth it.

Tal/IL

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Posted: 10/16/20 04:04pm Link  |  Quote  |  Print  |  Notify Moderator

Quote:

I bought it out of state and didn't pay sales tax.


Does your state have "use tax" for items purchased out of state? If so, that out of state purchase showing up on your tax filing might trigger a use tax bill.


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deltabravo

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Posted: 10/17/20 05:56am Link  |  Quote  |  Print  |  Notify Moderator

I can't write off the interest because there is none. I paid cash for my 2018 Arctic Fox 992.
But I can write off the purchase as a business expense.


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TxGearhead

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Posted: 10/17/20 06:24am Link  |  Quote  |  Print  |  Notify Moderator

Tal/IL wrote:

Quote:

I bought it out of state and didn't pay sales tax.


Does your state have "use tax" for items purchased out of state? If so, that out of state purchase showing up on your tax filing might trigger a use tax bill.


I've been here in Texas for 70 years and never heard the term use tax.


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Kayteg1

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Posted: 10/17/20 08:40am Link  |  Quote  |  Print  |  Notify Moderator

deltabravo wrote:

I can't write off the interest because there is none. I paid cash for my 2018 Arctic Fox 992.
But I can write off the purchase as a business expense.


Those things are red flags for IRS.
For years I've been deducting home office expenses and big ones and never had audit.
My friend deducted pickup expenses in his construction business and got audited over it.





Tal/IL

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Posted: 10/17/20 10:08pm Link  |  Quote  |  Print  |  Notify Moderator

TXGearhead:

Here you go - https://comptroller.texas.gov/taxes/sales/use-tax.php

My employer in IL got dinged on this in an audit about 20 years ago. I was buying desktop computers from a vendor in another state for company use and we were not being charged sales tax. We got a tax bill equal to the IL sales tax rate.

thedavidzoo

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Posted: 10/18/20 10:26am Link  |  Quote  |  Print  |  Notify Moderator

We took the 30% credit (not deduction!) in 2016 for our extensive solar/lithium install by treating the TC as a second home. Made it much more palatable moneywise.[emoticon]


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