Tax Deduction and question about loans - Page 2 - Fiberglass RV


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Old 09-04-2017, 10:34 AM   #15
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Name: Meg
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Missouri
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I decided I'm not going to worry about getting something I could deduct. I think I'm going to try to stay away from home equity loans - I got one to put siding on my house, but that was increasing the value of the home so it made sense to me, but don't want to risk the home for an RV.

Thanks!

Meg
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Old 09-04-2017, 11:45 AM   #16
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Name: bill
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I always avoid loans on non-essential items that depreciate in value, think boat, RV, motorcycle. This avoidance meant I didn't always have the newest/best toys, and didn't keep up with the neighbors. But then I was able to retire early, while they continue to work. Seems like a reasonable trade to me.
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Old 09-04-2017, 01:45 PM   #17
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Name: Jann
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Quote:
Originally Posted by mbergen View Post
I don't want to take an invalid deduction - just trying to figure out if it's valid or not, but if it is valid I might as well take it since I already itemize for my regular mortgage. Combined with my home's mortgage, every little bit helps.

I'm leaning towards the scamp which has the toilet, shower, kitchen & sink just for the convenience. You are probably right that its not going to amount to enough of a deduction and so it should probably influence my decision too much.

I could wait 8 years and save up once my regular mortgage is paid off, but that would be 8 fewer years to enjoy it, so I lean towards the RV loan. I do want to save up a good down payment though.

Thanks.

Meg
To take the interest from an RV loan off your federal taxes it must qualify as a home or second home. That means it must have sleeping facilities, kitchen facilities and a full bath that is self-contained. You cannot use external items to catch the grey water. We've done this through our tax accountant. For state taxes not sure since each state is different. But the sales taxes can be taken off in many states since it is a vehicle. Colorado is one of them. So it is a vehicle by state law and a home also. Hope this helps. Any money you can deduct saves you money. If your tax level is 15% and you take off $1,000 then you have saved $ 150. This is just an example.
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Old 09-04-2017, 05:24 PM   #18
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You definitely should ask a professional.

When you do, explore the ideas of wether it's a primary residence, a rental, a second home or if you use it during the course of business in a way that you cannot use your primary home. The permanently mounted facilities, may not apply and if they do, it's not about being permanently hooked up to city utilities, it's wether your little house has those things installed in it. Like a permanently installed stove, vs. a microwave on the counter. That is how second units on a property are determined to be dwellings or storage units.

If you travel for work, it is definitely a deductible expense. That is, if you are in business, use it for business and stay there during the course of business. Which means the business pays for it and a place to park it; a business expense.

Ask a professional.
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