Interest Deduction for RV or 5th wheeler Loan?

WYWendinger

Member

• Dec 30, 2008

• #1

I am preparing our 2008 taxes and wondering if any 5th wheel owners take the loan interest on their taxes or if they checked prior to taking the interest using the 2nd home/primary home credit? Reading the tax code, our Cyclone 5th will apply as a qualified residence, but it does not expressly state it.

I'm going to be on the phone with the IRS tomorrow if anyone else has a question or suggestion of how to ask them about this.

TIA!

 

Last edited: Dec 30, 2008

Bob&Patty

Founders of SoCal Chapter

• Dec 30, 2008

• #2

Tia, for all the many years we have owned RV's, we have always deducted the interest. Bob

 

slmayor

Founding California Northern Chapter Leader

• Dec 30, 2008

• #3

Same here. We have always deducted the interest under the 2nd home. We have had our taxes prepared for the last 18 years by an EA and never had an issue. Even when we were audited, that was not in question.
The same question was asked over on RV.net a few months back and some of the tax experts gave the specific tax codes for it. You might try a search there. I do know that it has to be self-contained with cooking, sleeping and sanitary facilities and I think there is a useage requirement as well. (7 days... 14 days???) We've always used ours a lot, so stopped counting. Good Luck!

 

dewwood

Well-known member

• Dec 30, 2008

• #4

Sorry I cannot answer your question but would be very interested in hearing what stance the IRS takes on this issue. Please keep us informed as to what you learn.

Thanks,
Dewey

 

WYWendinger

Member

• Dec 30, 2008

• #5

I will definately keep everyone informed and if I find the link will go ahead and refer to it in this thread so those interested can do more research too.

Thanks Bob & Patty, Ray and Deb - especially about being audited without issue~

The tax code simply has not been updated to include 5th wheelers because they've nailed the "big" stuff, have probably looked at the manufacturers of 5th wheelers as not being a fulltme living situation and anything else that someone might have built because the IRS (as I'm intrepreting it) is pinning the qualifications on the permanency of the those 3 conditions. This would be exclude those old gypsy styles where you had a campstove and bag in a bucket in the back of a sleeper camper.

 

ct0218

Well-known member

• Dec 30, 2008

• #6

I've deducted for 28 years, and my CPA the first 20 years was a retired IRS agent.

 

JohnDar

Prolifically Gabby Member

• Dec 30, 2008

• #7

You can even deduct the interest on a boat if it has a head, galley, and sleeping area. It, too, qualifies as a second, or vacation, home. If you have a loan on a resort timeshare, it qualifies, too. Caveat is that you can only claim one such residence, though.

 

trdeal

Past North Carolina Chapter Leader

• Dec 30, 2008

• #8

Same here. Done it for years.No questions asked.

 

bsummit

Arkansas Chapter Leader-Retired

• Dec 30, 2008

• #9

All interest paid on any self contained camper, boat, motorhome can be deducted. IRS considers them to be second homes. Been doing it for 8 yrs.

 

jmgratz

Original Owners Club Member

• Dec 30, 2008

• #10

Let's not talk too much about this or Obama will do away with that deduction.LOL

 

A

azbound

Senior Member

• Dec 30, 2008

• #11

At the recommendation of my CPA I have been claiming the interest for a second home for my RVs for over 20 years starting with our Houseboat and then with our RVs.

 

Cheryl

Well-known member

• Dec 31, 2008

• #12

When we had a loan, we deducted the interest.

 

kakampers

Past Heartland Ambassador

• Jan 1, 2009

• #13

Yep...us too for more than 25 years!!

 

rjr6150

Well-known member

• Jan 1, 2009

• #14

Same here when we had the loan one of the things our accountant asked was for the interest paid that year.