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Date:         Sat, 20 Nov 1999 16:46:14 -0800
Reply-To:     Captain Ray <busray@YAHOO.COM>
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         Captain Ray <busray@YAHOO.COM>
Subject:      Re: Westy tax write off?
Comments: To: vanagon@vanagon.com
Content-Type: text/plain; charset=us-ascii

This is correct, you would have to be paying interest before you have anything to deduct.

FWIW, here's the definition I found concerning what is a qualified second residence for tax deduction purposes.

DISCLAIMER: I'M NO ACCOUNTANT OR TAX LAWYER. There are many more factors involved, e.g whether you have properly elected your Westy as a second residence. SEE AN APPROPRIATE PROFESSIONAL FOR ADVISE REGARDING YOUR SPECIFIC CIRCUMSTANCES.

Source IRS regulation 26CFR1.163-10T on www.irs.gov

>> (ii) Definition of residence. Whether property is a residence shall be determined based on all the facts and circumstances, including the

good faith of the taxpayer. A residence generally includes a house, condominium, mobile home, boat, or house trailer, that contains sleeping space and toilet and cooking facilities. A residence does not include personal property, such as furniture or a television, that, in accordance with the applicable local law, is not a fixture.

So it boils down to "all the facts and circumstances" which means neither the Service nor the taxpayer is ever on firm ground.

--- Scarlett Semko <damosem@MAIL.MCO.BELLSOUTH.NET> wrote: > This is true. I asumed (oops there's that ass u > me) that there would be a loan > involved.

===== Captain Ray IXOYE Yet unnamed 84 Vanagon GL (sunroof and wolfy weekender interior)) West Virginian Ambassador to Vanagon.com and Sniveling Technophobe Lurker __________________________________________________ Do You Yahoo!? Bid and sell for free at http://auctions.yahoo.com


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