You
can claim a mortgage deduction on your main home and one other home, such as a
vacation home in a resort area. The law
limits the deductible amount to the interest paid on acquisition debt of up to
$1 million, plus interest paid on a home equity loan of up to $100,000.
The
IRS defines a home for this purpose as “a house, condominium, cooperative,
mobile home, house trailer, boat, or similar property that has sleeping,
cooking, and toilet facilities.” So if
your RV or boat has a kitchen, beds, and a toilet, you should qualify.
Like any good CPA, I need to add a disclaimer: Unfortunately, it is impossible to offer
comprehensive tax info over the Internet, no matter how well-researched or
written. And remember, I love my
readers, but having me bookmarked on your computer doesn’t make you a
client: Before relying on any information
given on this site, contact a tax professional to discuss your particular
situation.