`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I bought a new travel trailer as 2nd home in 2016. Paid a $150 license fee, $81 registration/title fees, $1,846 in sales tax, & interest paid on loan. What's deductible?

 
1 Best answer

Accepted Solutions
Highlighted
Employee Tax Expert

I bought a new travel trailer as 2nd home in 2016. Paid a $150 license fee, $81 registration/title fees, $1,846 in sales tax, & interest paid on loan. What's deductible?

If your travel trailer has cooking, toilet and sleeping facilities, then it would qualify as a second home. If so;

Deduct the interest paid on the loan (must be secured by the trailer) in the Your Home section, as if you received a 1098 form.

You have the option of deduction state income tax or sales tax under the Deductions & Credits. If your state has a state income tax, its generally better to take that deduction. But you can try it both ways and take the larger one.

For the registration fees, you would be able to deduct the portion of the fees that are based on the value of the trailer. It varies from state to state, so check with the agency you registered with to determine how much of the fee was based on value (if any). Deduct under personal property tax section.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Highlighted
Employee Tax Expert

I bought a new travel trailer as 2nd home in 2016. Paid a $150 license fee, $81 registration/title fees, $1,846 in sales tax, & interest paid on loan. What's deductible?

If your travel trailer has cooking, toilet and sleeping facilities, then it would qualify as a second home. If so;

Deduct the interest paid on the loan (must be secured by the trailer) in the Your Home section, as if you received a 1098 form.

You have the option of deduction state income tax or sales tax under the Deductions & Credits. If your state has a state income tax, its generally better to take that deduction. But you can try it both ways and take the larger one.

For the registration fees, you would be able to deduct the portion of the fees that are based on the value of the trailer. It varies from state to state, so check with the agency you registered with to determine how much of the fee was based on value (if any). Deduct under personal property tax section.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post