I purchased 20 acres in northern Idaho and am carrying an 8yr interest-only loan at $670/month. I am planning to retire early (age 55) in 8yrs and plan to use this land to build my retirement home. In the meantime, I want to use it as a second home by permanently leaving my travel trailer on the property. Once I do this, can I deduct the interest of the trailer PLUS the interest on the land loan?
Can I Deduct Land Loan Interest If I Place A Trailer On The Property?
October 31st, 2009 by Home Loans Leave a reply »
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The travel trailer is not a permanent improvement to the land. While the trailer interest would count as a second home (if the loan is secured by the trailer), the land woudn’t.