Question:

What are Mobile Home tax write-offs?

by Guest3461  |  earlier

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I live in California and was wondering if buying a mobile home to live in as my primary residence will give me the same kind of tax write-offs as if I bought a regular home. Is it illegal for them to raise the rent by greater than 10% per year?

 Tags: home, mobile, tax, writeoffs

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1 ANSWERS

  1. Angelina

     Mobile homes offer a solution for persons of smaller earnings grades who desire to be homeowners. Depending on how and when you conclude to purchase your wireless dwelling, you might specify for some tax deductions.
    Mortgage Interest
    Mortgage concern is the concern you yield on a protected lend that you have directed for in alignment to purchase your wireless home. This lend can be a mortgage, a second mortgage, a line of borrowing or a dwelling equity loan.
    Points
    When you come by a wireless dwelling mortgage or lend, there are some kinds of allegations or charges you require to yield to your lender that are called "points." They are generally treated as prepaid interest. You can deduct the issue you have paid on your mortgage lend from your taxes. However, you will not deduct all the points you paid in the identical year.
    Mortgage Insurance Premiums
    The allowance you yield for mortgage protection in a year can be treated in a kind alike to mortgage interest; thus you can furthermore deduct your mortgage protection expenses. To specify your costs on protection premiums, your protection should have been directed after 2006.
    Real Estate Tax
    You can deduct genuine land parcel levies on your wireless dwelling that were paid to your state or localized government throughout that tax year.

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