Can I claim interest?

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Judy

Can I claim interest?

Post by Judy » Mon Jun 28, 2004 12:31 pm

I know perhaps this sounds like a stupid question but I am just learning all the ins and outs of MH. Will I be able to claim interest on a large loan for my new MH as I do on my home mortgage or are they always financed like a car loan? Thanks for your help. Judy

Mary

Re: Can I claim interest?

Post by Mary » Mon Jun 28, 2004 1:08 pm

I have spoken to IRS about this, as I'm considering my first MH purchase. Apparently if one has a mortgage and it's one's primary residence, etc. it's okay to deduct interest just like a home.
You can phone their 800 number and discuss with an agent. Also, they can mail you a booklet all about mortgages, interest, etc.
Hope this helps.

rmurray

Re: Can I claim interest?

Post by rmurray » Mon Jun 28, 2004 7:18 pm

The other post here is quite correct...you can deduct the interest on your primary..and vacation homes...how they are built makes no difference...as a matter of fact..you can deduct the interest on motor homes..rv's and even house boats...

Stop back here often and ask all the questions that you have..

Tanya

Re: Can I claim interest?

Post by Tanya » Sat Jul 10, 2004 8:47 am

I own a home in a park with a "chattel" loan, they always send me the interest statement at the end of the year and I have always claimed it. Unfortunately, since the payments for home-only are not very high, the amount of interest I can claim has never been more than my standard deduction, so it hasn't made a whole lot of difference.

cloans
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Re: Can I claim interest?

Post by cloans » Wed Feb 06, 2019 9:25 am

Claim the interest. You can claim interest on the money you're owed. The interest will be calculated for you if you claim for an unspecified amount. You need to work out the interest yourself if you're claiming for a fixed ('specified') amount of money.

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