| f us are a bit unfortunate that we may be living in | | | | to send Form 1098 at the end of the year. This form |
| mobile homes. Nothing wrong with that. In fact the | | | | will tell you how much interest you have paid on the |
| government recognizes their needs and gives them | | | | loan, and the points that are due to you. This becomes |
| some relief too. | | | | your deductible interest. It is much simpler than you |
| People who pay taxes to the local government for | | | | think. |
| having parked their homes in that state also come | | | | Home acquisition debt is where your second |
| under the purview. Thanks to IRS rules which define a | | | | advantage lies. This debt is equal to the first or second |
| home as a house, co-op, condominium, mobile home, | | | | mortgage used to buy, build, or improve your home. |
| trailer, or even a houseboat. The basic condition for | | | | The third is Home equity debt .Basically, this is any loan |
| any property to qualify as a home is that it should | | | | amount in excess of what was spent to purchase, |
| have sleeping, cooking, and toilet facilities. Since mobile | | | | build, or improve your home. Points paid during |
| homes meet all these conditions they can avail the tax | | | | refinancing are also tax deductible. |
| deductions notified by the federal government. | | | | Fourthly, you can deduct any property tax that you |
| Mortgage interest is the biggest tax deduction available | | | | paid to a local or state government where you parked |
| to these guys. Joint tax holders, in fact, can deduct the | | | | your mobile home. These are great tax benefits and |
| entire interest amount up to a maximum of $1 million in | | | | every mobile home owner must avail them. What's the |
| mortgage liability paid on a first and possibly second | | | | point in paying the local taxes and not making the best |
| house. | | | | use of our elected bodies? They are our source of |
| You don't have to calculate how much amount you | | | | inspiration in saving some money. Aren't they? |
| deduct. All that you need to do is to wait for the lender | | | | |