dvc question?

[monorail express]

I was wondering if what i heard was true- I heard that once a vacation club is bought , that the amount of the loan can be a write off on taxes, like a second mortgage? Is this really how it is with the dvc?

Thanks

 

[DisneyHumbug]

My accountant writes off the interest paid on the loan because it's a mortgage, and the property taxes, too.

 

[monorail express]

Oh that is great to hear. Thank you very much for letting me know. i wasn't sure if it was true or just a rumor.

thanks again

 

[Caskbill]

Remember that's the INTEREST on the loan, not the loan itself, that's deductible. And the interest is only deductible if the loan is secured by the property (or some other real estate property such as a home equity loan). Taxes are deductible regardless of a loan or not.

These deductions only apply if you itemize your taxes. If you file a standard deduction then you don't get them.

The above comments are general only. Your circumstances may be different.

Verify with your tax advisor if you have any specific questions.