People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks.
Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a “home” can be a house, condominium, co-op, trailer, mobile home or even a houseboat. In order to qualify as a home, the property should have cooking, sleeping and toilet facilities. Since mobile homes meet all of these conditions, owners may take advantage of the tax deductions notified by the federal government.
Mortgage interest is the largest tax deduction available to mobile home owners. Joint tax holders can deduct the entire interest amount up to a maximum of $1 million in mortgage liability paid on a first and possibly second house.
It is not necessary to calculate the amount you deduct. To claim the deduction, all you need to do is wait for your lender to send Form 1098 at the end of the tax year. On this form you will see how much interest you have paid on the loan, and the points that are due to you. This is your deductible interest for tax purposes.
The acquisition...
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