Doing my taxes

[Lesia]

We bought DVC in Jul 06. I received a 1098 for my interest.

I fill out Schedule A. I have a home with interest, I have a Motor home with interest.

Can I also claim my DVC interest? I've searched the IRS SIte and cannot find an answer, neither yes nor no.

Anybody know where to find the answer?

Thanks

 

[Maistre Gracey]

The standard answer- Check with your accountant/tax advisor!
That said, usually you can deduct your primary home, and ONE second home.

Good luck.. I'm starting my taxes Saturday.

MG

 

[Lesia]

Good Luck MG. That is the closest answer I saw, but even that wasn't a definitive answer on the IRS SIte.

and I am our accountant/tax advisor!

 

[Boston5602]

Good Luck MG. That is the closest answer I saw, but even that wasn't a definitive answer on the IRS SIte.

and I am our accountant/tax advisor!

 

[IndianaDVCMember]

We've always included our DVC taxes in our deductions. We don't prepare our own returns, and I'm confident that the accounting firm we use knows what they are doing. They always lean to the conservative side when something is in question.

 

[Maistre Gracey]

The sticky question: If a Member has interest charges from two different DVC resorts, does that constitute one second home?

In 2005 we had finance charges on both VB and VWL contracts. We sent the forms to our accountant and I never asked how he handled that.
Is that considered two homes, or one??

Chalk up another for "don't ask, don't tell".

MG

 

[bwvBound]

We've always included our DVC taxes in our deductions. We don't prepare our own returns, and I'm confident that the accounting firm we use knows what they are doing. They always lean to the conservative side when something is in question.

DVC taxes yes -- but interest is generally restricted to primary home + one second home (includng the MoHo) as MG pointed out.

 

[Lesia]

Thanks bwvBound, that is what I surmised. 1 Primary and 1 Secondary (and this case, the Motorhome is our Secondary). And I did count the taxes, there was no limit on those.

 

[corpcomp]

My accountant confirmed that you can deduct the taxes, which is a small percentage of your maintenance fees. He recomended listing it under Schedule A Real Estate Taxes paid.