Income taxes - Fiberglass RV


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Old 01-02-2012, 06:33 PM   #1
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Income taxes

As this time of year approaches, many of us start thinking about April 15 and collecting our data for filing our tax returns. Both Pub 17 http://www.irs.gov/pub/irs-pdf/p17.pdf and
Pub 936
http://www.irs.gov/pub/irs-pdf/p936.pdf discuss the general guide for the deduction of interest on your "second home" which your rv may qualify. It needs to have a bath,sleeping space and cooking facilities. The lien must be secured by either the rv or your principal residence. You should receive a form 1098 reflecting the amount of interest you paid on your loan. There are other limitations that may need to be determined and as always seek professional help or contact your local IRS office.
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Old 01-04-2012, 01:37 AM   #2
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Hi: cpaharley... You have really hit on a sore spot with this thread. I have way more "Outgo than Income". The $$$'s never stay around long enough to pay any taxes on them!!! You know the drill. Easy come easy go.
Alf S. North shore of Lake Erie
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Old 01-04-2012, 07:15 AM   #3
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Sorry, Just trying to help someone avoid a disaster down the road, which if you think about it, is what this forum is all about. Good suggestions to help others in need. Stay warm, it was 12 this am.
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Old 01-04-2012, 12:13 PM   #4
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Here in Canada our tax return is quite simple. It's a 2 part form:

Part 1

What was your total income from all sources: $________

Part 2

Send it to us.

Thanks,
Canada Revenue Agency
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Old 01-07-2012, 07:23 PM   #5
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Business office

Cpaharley - the IRS lets you balance the expense of office home space against your 1099s. Is there anyway to claim an RV as your office?

A little more than curious.

Bill
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Old 01-07-2012, 08:10 PM   #6
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The home office rules apply to your principal home not your second home. Besides that as soon as you start claiming business % use on an asset, if you sell it you have to recapture the deduction. In a simple way no, unearned income such as 1099 can not be offset by your rv use. I guess if you have a U-Haul and rent it out.... no that was already done before.
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Old 01-08-2012, 07:31 AM   #7
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Nothing ventured ...

Thanks. It was worth a shot

Good luck this season.


Bill
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