Tim wrote:
- quote -

All things being equal (which they never are! lol), yes.

However the Internal Revenue Code (IRC) allows a deduction
for mortgage interest on either a primary or secondary
*residence*!. The underlying ground is secondary in a
matter of speaking. Hence, if you have no mortgage to pay
to buy the trailer, then no deduction just for the land.

Cheer$,
Harlan Lunsford, EA n LA

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Harlan Lunsford <lunstax[at]bellsouth.net> wrote:
- quote -

Thank you for the answer. But you ask why spend money to
get a tax deduction. I looked at a "rough" trailer for $500
that had a kitchen, bathroom, and sleeping area. Just the
interest on the vacant land mortgage is over $1,000/month.
Seemed logical to try to write off some of the interest.

Tim

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Tim wrote:

- quote -

First things first. Why would you go to the expense of
buying a trailer just to put on that land just to have the
luxury of a second residence? IOW, why spend more money
just to get a tax deduction?

Yes, it would have to be on a permanent foundation and yes
the mortgage would have to pertain to it AND the land.

Cheer$,
Harlan Lunsford, EA n LA

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I have read about how a trailer can be qualified as a 2nd
home. If I have a mortgage on vacant land, then can I put a
trailer on vacant land to deduct the land interest as a 2nd
home? Would the trailer need a permament foundation to make
that work?

It is vacant land that I will have a primary residence on
someday. Not investment property.

Or am I right in assuming that to deduct the mortgage
interest, the land and home need to be the mortgage, not
just the land?

Thank you.

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