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
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