Dvc resale financing?

[WorknFires]

I think you can (I had certainly planned on it!) but let's ask those that have gone before us....

CarolA, JillU-DVC did you claim the interest on your financing on your taxes each year?

Bumping up for the answer,
Cheryl

 

[crisi]

And the official answer is.....maybe! Gotta love the IRS:

http://www.irs.gov/formspubs/display/0,,i1=50&genericId=12831,00.html

talk to a tax attorney or an accountant.

 

[WorknFires]

Whew! Boy was that all greek to me! LOL yes, I'll definately have to talk to a tax attorney. I wouldn't want to get it wrong. I guess the biggest question is whether my new loan is secured against the resale or if it offers a lien against my general assets if I should default. If it's the 1st, it would qualify for the tax deductions and if it were the 2nd, it would not.

Thanks crisi (and welcome to the DIS )
Cheryl

 

[crisi]

The other thing I noticed was you had to spend time there during the tax year. Which means that if you bank all your points for that year - intending a big trip next year, you can't deduct interest that year.

(I also think that if the loan is against your primary residence (i.e. a home equity loan) you are in the clear, but I'm not an attorney or an accountant)