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A trailer can be your primary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house. Your home-related itemized deductions, plus your other itemized deductions on Schedule A must add up to more than the standard deduction or you won't be able to use the deduction. Here are the deductions you can take for your new home:
Here is more information about taking the itemized deduction:
What is Schedule A?
The IRS lets you take either the standard deduction or the itemized deduction. If you itemize (about 1/3 of all taxpayers do), TurboTax automatically fill out Schedule A, Itemized Deductions and switch you over to the 1040 long form.
Schedule A lets you report certain deductible expenses like:
You can't deduct the following payments for a personal residence:
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