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Clarification on Mortage Interest Deduction on Towables


Al F

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Clarification on Mortgage Interest Deduction on Towables and other info about the new tax laws.  This is from the RV-dreams journal (blog if you prefer).

http://rv-dreams.typepad.com/rvdreams_journal/2018/01/effects-of-new-tax-cuts-jobs-act-on-rvers.html

Howard (the writer of the journal) states that the original information about loan interest not being deductible, that made all the headlines, was incorrect as far as for individual or at least non-business owners of towables. 

In the past I have found Howard's info to be reliable.  I won't say infallible, as very little is always 100% w/o error. 

If someone disagrees with the information, it would be most helpful if you provide references pointing to what you believe is the correct info. 

Personally all this itemizing of deductions has no bearing on our finances.  We have never itemized.  One year we paid our homeowners taxes for two years in the same calendar year.  That combined with mortgage interest and other deductions came to about $150 over the standard deduction, so I didn't bother to itemize. 

Al & Sharon
2006 Winnebago Journey 36G 
2020 Chevy Colorado Toad
San Antonio, TX

http://downtheroadaroundthebend.blogspot.com/

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6 hours ago, Al F said:

Personally all this itemizing of deductions has no bearing on our finances.  We have never itemized.

With the increase in the standard deduction, there will be far fewer who itemize that there are now. 

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

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