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Member
Posts: 10
Location: Rockford, MN | I am shopping for my first horse trailer with LQ. I plan on getting one with a sink, toilet, shower, stove top, microwave, fridge and bed. I was told that having all these things it should qualify as a second home and that I should be able to deduct it on my taxes. Does anyone know anything about this? |
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Member
Posts: 14
Location: Milton, FL | I have been able to deduct mine for a few years now. Of course, it is just the interest on the loan that you can deduct. Now that mine is paid off I will miss that in a big way. At least that is my understanding of things. Hate to try to sound like an expert of anything. Only serves to put egg on my face. |
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Veteran
Posts: 233
 
Location: Pataskala, Ohio | My understanding is the LQ must have the RV industry seal of approval. I forget what it is officially called. We deduct ours as a second home. |
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Expert
Posts: 3853
  
Location: Vermont | http://www.hrblock.com/taxes/tax_tips/tax_planning/second_home.html |
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 Expert
Posts: 1283
Location: Home of Wild Turkey Whiskey | Originally written by Jeepplr on 2010-09-11 8:40 PM My understanding is the LQ must have the RV industry seal of approval. I forget what it is officially called. We deduct ours as a second home. You are refering to a RVIA sticker and it has nothing to do with if you can deduct the interest, it's all about does the second home have cooking and toilet facilities, just as stated in the HR Block link that Paul posted. RVIA is just an industry association, just like SEMA is for aftermarket car accessories, or the NMMA is for boat manufacturers. Some chose to be members some do not.
Edited by HWBar 2010-09-13 5:51 AM
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Veteran
Posts: 123
Location: Indiana | You can only do this if you are not already claiming something else as a second home, i.e. cottage, boat, rv. You may also run into problems if you aren't already claiming your primary residence. If you rent, or don't have a mortagage it may be difficult to claim your LQ. Check with your tax preparer to check. |
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Deducting trailer with LQ on taxes?
