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You may be able to deduct the interest on the loan of your fifth wheel trailer for federal tax purposes. A boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.
The Internal Revenue Service (IRS) defines a home broadly, allowing the term to encompass:
The test the IRS applies is simply that the property must have all three:
If so, it can be treated as a primary or secondary residence for tax purposes.
You may be able to deduct the interest on the loan of your fifth wheel trailer for federal tax purposes. A boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.
The Internal Revenue Service (IRS) defines a home broadly, allowing the term to encompass:
The test the IRS applies is simply that the property must have all three:
If so, it can be treated as a primary or secondary residence for tax purposes.
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