| Re: [GMCnet] Holy Tomolly!! [message #108415] |
Mon, 13 December 2010 06:18  |
Gary Casey
Messages: 448
Registered: September 2009
Karma:
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Senior Member |
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That's right, the mortgage interest on a first - and second - home can be
deducted. Anything that has "living" accomodations, including at least a bed,
toilet and cooking can be considered a "second home", whether it be a motor
home, travel trailer, boat or I supposed even a plane. But we pay for health
insurance with after-tax dollars - go figure. Now other interest is deductible,
so it is no wonder why everyone borrowed against their house to buy all sorts of
other things - at least until the bubble burst.
But, I've yet to find a characteristic (loophole?) in the tax code that would
allow one to make money by spending it. Buy a motorhome on time to save taxes?
I don't think so. Sure, the interest is deductible, but it still costs money -
it just makes the effective rate paid on a motorhome less than the same loan on
a car or something else. Increase your deductions to stay in a lower tax
bracket? Why? The higher rate is only paid on the incremental income, not the
total. And I've looked at new and used diesel pushers and I'm blown away by how
much they depreciate in the first couple of years. I can't imagine buying a new
one when there are some many like-new used ones available for about half the
price.
Gary Casey
From: Bruce Hislop <bruce@perthcomm.com>
Are you meaning to tell me that you guys can deduct the interest on your RV if
you full-time???
Us Canuks have to pay our home mortgages with after tax dollars, nevermind the
RV.
Bruce "watching the snow fall and 112.9 cents/litre gas"
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