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LQ trailer- mortgage as second home?

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  • LQ trailer- mortgage as second home?

    My husband and I are looking at LQ trailers and have been told that many people buy them with a mortgage as a second home.

    Why do they do this and what are the advantages and disadvantages to doing this? Or would it be smarter to get a short term loan from the bank?


  • #2
    I would think they would fall in to the same category as RVs, which are (in GA) treated as vehicles for loan purposes. That means it's not necessary to qualify for a mortgage and they are subject to all the same rules as vehicle loans.

    Mortgages are designed for the purchase of REAL ESTATE = Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general.
    ... _. ._ .._. .._


    • #3
      This /\ /\


      • Original Poster

        Maybe I'm thinking it is referred to as a "second home" for tax purporses?


        • #5
          I don't think that would work either.
          ... _. ._ .._. .._


          • #6
            TXnGA, I have heard the same thing, it can be labeled a vacation home and can be financed for a longer period of time than an auto loan.

            A little off topic but in my county horse trailers are taxed at a luxury rate. Cattle/stock trailers are not required to even have tags IF they are used to haul cattle in the county. RV's were taxed lower than a regular horse trailer. Go figure. I outfitted my horse trailer (4' shortwall DR) to meet the RV requirement and enjoyed the tax break for a few years til the county made them all fall under one rate.

            I personally never saw the paperwork but a gal I knew 9 years ago claimed she got special govt financing/loan on her large LQ trailer because it was needed to allow their handicapped child attend the rodeos with them.


            • #7
              If you have a horse business and you use it in the course of conducting your business you could take advantage of a depreciation deduction. A conversation with your CPA is in order.
              ... _. ._ .._. .._


              • #8
                RVs can be considered a 'second home' if they have sleeping, cooking and toilet facilities. Mortgage interest on a second home can be taken as an itemized deduction on your tax return, like you do with primary residence mortgage interest. Have a chat with your CPA and see what's best for your individual situation.


                • #9
                  I was told they can be classified as a "second home" as long as they have plumbing. A tax deduction can also be taken if you use a home equity loan to finance the trailer.

                  We choose to finance ours through a local bank for as short a term as possible. We went 60 months at an interest rate of 7% two and a half years ago. After learning the hard way, I would never take a 15 year loan to pay for a horse trailer again. But, that is just me and my fear of debt.
                  "You can't fix stupid"- Ron White


                  • #10
                    yes you can write it off as a second home, just like a beach house or whatever, but it has to have it's own bathroom and kitchen. And yes do talk to a cpa about it before you do it as it pertains to your own situation.

                    Writing it off as a business expense is totally different.
                    "Perhaps the final test of anybody's love of dogs is their willingness to permit them to make a camping ground of the bed" -Henry T. Merwin


                    • #11

                      Lower interest rate!!!!

                      If I had put LQ in mine, I would have had a lower interest rate on my loan.

                      Now if you're paying cash, it makes no difference.
                      Some riders change their horse, they change their saddle, they change their teacher; they never change themselves.

                      Remember the horse does all the work, we just sit there and look pretty.


                      • #12
                        How much do you want to pay for it?

                        want to really tick 'em off? Pay cash for it and walk away.

                        If it has plumbing, it qualifies as a second home. Just pay for it, and leave them making nothing for financing it. They really don't like it a bit lol


                        • #13
                          how you choose to pay for it and whether or not you can write it off on your taxes are two entirely separate questions.
                          "Perhaps the final test of anybody's love of dogs is their willingness to permit them to make a camping ground of the bed" -Henry T. Merwin