# Writing Off The Interest From The Tt



## rennerbee (Jul 25, 2004)

Ok, I know that we can not be the only people making payments on their Outback. So, my quesiton is this...shouldn't I get a statement or something showing the interst paid so that it can be written off on the taxes? Also, I know that you don't have to have a written hme mortgage stmt as long as you have the correct information, do you have to have this in writing or can it be from an automated system if the finance company provides that? This is our first year with the trailer and it is the last thing we are waiting for before setting our appt with Uncle Sam.

Thanks for any info you can provide.

~Brook


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## aplvlykat (Jan 25, 2004)

I had to get my interest off the last statement. I found it almost by mistake when I was filling out the check, it was in the note seaction of the bill. Not only can you write off the interest but also the sales tax if you bought it this year, we fell under this with the car, hybrid honda, my wife just got. Kirk


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## c_rad91 (Feb 18, 2005)

Let me get this straight before I go to jail. I've heard something about writing off a self-contained RV as a second home. Can someone explain the whole thing to me or point me to the IRS publication that covers it. I don't remember seeing anything about it in my tax prep software.


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## hatcityhosehauler (Feb 13, 2004)

I'd give you the number to my accountant, but I don't think he'd go to LA to do a return....









Seriously though, I wish I could help. The way I see it, it's issues like this that justify the money I spend for the accountant to prepare the return.

Tim


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## Not Yet (Dec 13, 2004)

c_rad91 said:


> Let me get this straight before I go to jail.Â I've heard something about writing off a self-contained RV as a second home.Â Can someone explain the whole thing to me or point me to the IRS publication that covers it.Â I don't remember seeing anything about it in my tax prep software.
> [snapback]24074[/snapback]​


You are allowed to deduct interest for mortgage on up to two homes. A home is defined by the IRS as anything that has permanent cooking facilities, toilet, and sleeping area. Your trailer does qualify if you do not already have a second home. It just goes on schedule A as mortgage interest.

Second, starting 2004 there is a deduction for sales tax paid or state income tax. If you are lucky enough to live in a state that does not have income tax you can deduct the sales tax. Without receipts for every purchase you would take a standard deduction plus add any large purchases (car, truck, TT etc.)

Hope that helps. DO a search of your turbo tax software for second home deduction.

If everyone got behind the Fair Tax Plan ( http://www.fairtax.org/ ) no one would ever have to worry about filling again.

Jared


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## hatcityhosehauler (Feb 13, 2004)

Ahh, to live in a state without income tax.....we live in CT, which has income tax, and my wife works in NY, which also has an income tax, which by the way, is higher then NY's. I wonder if we'll be able to deduct both???? I'll have to ask my accountant.

Tim


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## Not Yet (Dec 13, 2004)

hatcityhosehauler said:


> Ahh, to live in a state without income tax.....we live in CT, which has income tax, and my wife works in NY, which also has an income tax, which by the way, is higher then NY's.Â I wonder if we'll be able to deduct both????Â I'll have to ask my accountant.
> 
> Tim
> [snapback]24078[/snapback]​


Your wife files taxes correct? Then she can deduct the income tax on the federal returns.

Jared

PS I am not a tax accountant


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## Y-Guy (Jan 30, 2004)

It was on our last statement of the year, how much interest was paid. That and that in WA we can now claim our state sales tax we are getting a big ol' refund this time. Though I hate it, the idea that that Gov't has been holding money that is mine always burns my hide. Oh well at least we are getting money back.


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## Not Yet (Dec 13, 2004)

Y-Guy said:


> It was on our last statement of the year, how much interest was paid. That and that in WA we can now claim our state sales tax we are getting a big ol' refund this time. Though I hate it, the idea that that Gov't has been holding money that is mine always burns my hide. Oh well at least we are getting money back.
> [snapback]24081[/snapback]​


I'm with you Y









A big refund is nice, but I would much rather the government







did not take it in the first place.

Jared

Fair Tax


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## hatcityhosehauler (Feb 13, 2004)

We file jointly, but I would imagine that we should be ablle to claim both states income tax.

Tim


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## Castle Rock Outbackers (Jan 18, 2004)

To avoid giving the government an interest free loan over the year, I claim Married 9 on my W-4 forms. When tax time arrives, we usually have less than $1,000 refund for Federal, and usually owe Colorado a couple hundred dollars.

Randy


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## c_rad91 (Feb 18, 2005)

The way I spend money I'm glad to let Sam keep it safe for me for a year. It's my alternate savings account. With savings rates what they are, I'm not losing much interest.


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## luv2rv (Jun 21, 2004)

Wow .... you have States that don't have an Income Tax?????

I can't claim any interest deductions for anything ... mortgage. .... loan etc.

Example. In Canada if you earn $100K per year you pay about $30K in income taxes.

Ouch!

Wayne


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## rennerbee (Jul 25, 2004)

Yep, there are some states that have an income tax and some that have a sales tax and i think maybe even a rare few that have both, but i'm not positive about that. I live in Washington where there is a 7.7% sales tax on everything you buy (except food and even then some is taxed) in the state. But I also had the "privledge" of working in Oregon where there is no sales tax, but there is an income tax. So, I got taxes taken out for Oregon and then taxed on everything I buy where I live. Nice huh? The only decent thing I can say about it is that at least I tended to get a refund from the state, but then that had to be claimed as income on the federal returns. Oh yes, what a grand old time we have when tax time rolls around! BTW-even though I whine about the "privledge" in the end it really was my choice in that I could have quit and moved to another company when my office moved from WA to OR. I just chose not to, but that's a whole other posting...


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## c_rad91 (Feb 18, 2005)

Louisiana has sales tax and income tax







It's 8.75% in the parish (not county)where we live.


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## rennerbee (Jul 25, 2004)

c_rad91 said:


> Louisiana has sales tax and income tax
> 
> 
> 
> ...










YIKES!


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## aplvlykat (Jan 25, 2004)

Yeah We get hit with state and sales taxes here in California as well. I also like the idea of the fair tax plan, I just wish our govenator would do it here. When I took our tax stuff in to the accountant on the 7th of Feb ,she said we will get the refunds by the 22nd, we got the state back on wend. feb 16 and we are still waiting on the federal. Gotta love electronic filing. My wife and I go round and round about refunds, if I had my way we would shoot for zero refunds and have the money during the year but alas she looks on it as a savings account, after 19 years of arguing it's not worth the trouble, I just bite the bullet when I pay the bills. Kirk


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