Motor Home/Boat Interest Deductible on Sch A

Are you one of the growing number of MI families with a motor home or a boat? It seems that nearly 25% of the people I talk to recently are busy preparing their motor home or boat for winter. Well while these vacation toys are on your mind, also make up a tax file to keep records of any loan interest you could be paying on that motor home or boat. As long as they include a basic eating preparation/kitchen equipment, sleeping area, and bathroom facilities, that motor home or boat could qualify as a second home for tax purposes. Another important requirement is for the owner to spend at least 14 days during the year in the “second home.” If these rules seem to fit your situation, take your interest statement in with your other tax records when you have your taxes prepared and discuss your situation with your tax preparer. Your summer vacation home could just be deductible.

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