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Mobile Home Tax Deductions
By Barbara Brown
People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks.
Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a "home" can be a house, condominium, co-op, trailer, mobile home or even a houseboat. In order to qualify as a home, the property should have cooking, sleeping and toilet facilities. Since mobile homes meet all of these conditions, owners may take advantage of the tax deductions notified by the federal government.
Mortgage interest is the largest tax deduction available to mobile home owners. Joint tax holders can deduct the entire interest amount up to a maximum of $1 million in mortgage liability paid on a first and possibly second
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house. It is not necessary to calculate the amount you deduct. To claim the deduction, all you need to do is wait for your lender to send Form 1098 at the end of the tax year. On this form you will see how much interest you have paid on the loan, and the points that are due to you. This is your deductible interest for tax purposes. The acquisition debt is another tax-deductible area. The acquisition debt is equal to the first or second mortgage used to build, buy or improve your home. A tax deduction is also available on your home equity debt. Basically, this is any loan in excess of what was spent to build, purchase or improve your mobile home. Any points that you paid during refinancing are also tax deductible. Finally, you are able to deduct any property tax paid to a local or state government where your mobile home is parked. This is one tax benefit that every mobile home owner should take advantage of. If you are paying local taxes, don't forget to make use of federal benefits. Living in a mobile home is a great alternative for anyone seeking an affordable lifestyle. Tax deductions for mobile home owners make it an even more cost-effective choice. Article Source: http://www.article-matrix.com Barbara Brown contributes articles to several popular Internet magazines, on home and family living and healthy living tips subjects.
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To ensure you get the best deal when you buy your new car, you should understand how the car dealer will "work the deal" on a four-square worksheet as you are negotiating. The four square worksheet Read more...
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Family of NY man trampled by shoppers sue Wal-Mart - The Associated Press
<font style="font-size:85%;font-family:arial,sans-serif"><br><div style="padding-top:0.8em;"><img alt="" height="1" width="1"></div><div class=lh><table border=0 align=right cellspacing=0 cellpadding=0cellpadding=3 style="font-size:100%;font-family:arial,sans-serif"><tr><td width=80 align=center style="padding-left:6px;" valign=top><a href="http://news.google.com/news/url?sa=T&ct=us/0-0i-0&fd=R&url=http://www.abcnews.go.com/US/wireStory%3Fid%3D6353623&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNHqoU8uXeN7rwoRY2U-RQYeT5Z5ag"><img src=http://news.google.com/news?imgefp=X76Lk3mk0TEJ&imgurl=a.abcnews.com/images/US/ap_wal_mart_death_081128_mn.jpg width=80 height=60 alt="" border=1><br><font size=-2>ABC News</font></a></td></tr></table><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-0&fd=R&url=http://www.google.com/hostednews/ap/article/ALeqM5iDXtETwP7G17BQsO07DecwxuziLgD94RGPBG1&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNE5kWwBlCFhHdXhV2_i2OK4r1n4pw"><b>Family of NY man trampled by shoppers sue Wal-Mart</b></a><br><font size=-1><b><font color=#6f6f6f>The Associated Press -</font> <nobr>39 minutes ago</nobr></b></font><br><font size=-1>GARDEN CITY, NY (AP) - The family of a worker trampled to death in a "Black Friday" crush of bargain hunters at a Long Island Wal-Mart store filed a wrongful-death lawsuit on Wednesday, claiming store ads offering deep discounts "created an atmosphere <b>...</b></font><br><font size=-1><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-1&fd=R&url=http://latimesblogs.latimes.com/shopping_blog/2008/12/wrongful-death.html&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNEN-ce_Vx2FAoaJy50cAbtdK1xIHQ">Family of Wal-Mart employee trampled by shoppers files lawsuit</a> <font size=-1 color=#6f6f6f><nobr>Los Angeles Times</nobr></font></font><br><font size=-1><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-2&fd=R&url=http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSN0334171820081203&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNGgr_Du2nyk09p75KnQXiU9WXQBNQ">Family of man trampled at Wal-Mart sues retailer</a> <font size=-1 color=#6f6f6f><nobr>Reuters</nobr></font></font><br><font size=-1 class=p><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-3&fd=R&url=http://money.cnn.com/news/newsfeeds/articles/djf500/200812031727DOWJONESDJONLINE000884_FORTUNE5.htm&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNFQVuAZO1UpAxoOT-BpTKwtM4xcpQ"><nobr>CNNMoney.com</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-4&fd=R&url=http://wcbstv.com/topstories/wal.mart.stampede.2.878980.html&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNF3OV_VGp4gGtjYJ7_9PBdP_pWOhg"><nobr>WCBS-TV New York</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-5&fd=R&url=http://www.foxnews.com/story/0,2933,460924,00.html&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNECb7Q84E4k7IXhFI-XaP9NFEHTLA"><nobr>FOXNews</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-6&fd=R&url=http://www.pantagraph.com/articles/2008/12/03/news/doc4936c765c0dfd533130788.txt&cid=1275466523&ei=ihY3Sc-kJZPYgQPhnOz7Dg&usg=AFQjCNHnviaVKmAEqR7ZMarLWAurdXry-w"><nobr>Bloomington Pantagraph</nobr></a></font><br/><font class=p size=-1><a class=p href=http://news.google.com/news?sourceid=navclient&ie=UTF-8&ncl=1275466523&hl=en><nobr><b>all 3,370 news articles</b></nobr></a></font><br clear=all> </div></font>
Jacobs gets contract from USMC
Jacobs Engineering Group Inc. has received a Joint Equipment Assessment Program contract from the United States Marine Corps worth up to $89 million. (JEC)
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</div>Honda sales plunge 32% in November
The recession continued to make a mark on Honda Motor Co. Ltd.’s sales, which fell by a third in November from a year earlier, the automaker reported Tuesday.
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Financial planning is a process of managing your finances to help you make the most of your money to achieve your goals. You may be preparing for retirement or want to make sure you can cover the cost of educating your children. ...
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