Claiming your RV on your income taxes . . .

[JohnD]

I've seen it mentioned here that our RV's can possibly be claimed on our income taxes.

Anyone have any insight on how this can be done?

And what are the benefits?

 

[For20hunter]

The interest on your RV can be written off as a 2nd home if it is fully self contained as yours is. There is a maximum write off of two homes, so if you have two homes already then you have the only write offs you are able to have already.

Rod

 

[Gaffer]

We do it every year.

 

[JohnD]

Did you get a 1099 for your RV loan?

 

[Mburtsvt]

There are a few other things you can deduct. At the end of the day GET A TAX ACCOUNTANT to outline the additional deductions. If you have a small business you could put a sign on your RV and have an additional deduction. Some people who raise show animals who use their RV to travel around the country can deduct some of their RV expenses and a business expense.


An independent contractor who uses their RV as an office to conduct business can deduct some of their expenses, (one reason you see so many people selling “stuff” from their RV - Im not naming names).


For the average RV person a potion of your interest payment on your RV loan is deductible as long as it meets the “second home” test.


Again - CONSULT A TAX ACCOUNTANT for your specific situation.

- - - Updated - - -

 

[Oregon_Camper]

We do it every year.

Just noticed "Gaffer's" Avatar picture. We need to camp together brother!

 

[shelsay]

We claim it every year--no 1099 needed.

 

[mrcomer]

We too claim ours every year. All you need is a statement of total interest for the tax year and you a re good to go.

 

[Gaffer]

Just noticed "Gaffer's" Avatar picture. We need to camp together brother!

Try to make some more rallys, we will meet up sooner or later. This picture was taken at at beach watching the Christmas ship parade at Lake Havasu. Four shot glasses attached to a water ski. Fill em up and suck them down with your buddies.

 

[JohnD]

Try to make some more rallys, we will meet up sooner or later. This picture was taken at at beach watching the Christmas ship parade at Lake Havasu. Four shot glasses attached to a water ski. Fill em up and suck them down with your buddies.

We had those last year at the Quartzite Rally . . .

Can't remember what the white stuff is . . . but it mixes good with the Fireball!

 

[jhardin]

Also if you happen to have 2 homes and an RV. You can put your RV on a home equity line, then it will be included with you home and you will be able to claim both homes and your RV.

 

[Mrsfish]

We had those last year at the Quartzite Rally . . .

Can't remember what the white stuff is . . . but it mixes good with the Fireball!

could be baileys Irish cream. Had shots of baileys and fireball at s Seahawks party. They were pretty yummy!!

 

[Nbomar]

Rumchata and fireball... Cinnamon Toast Crunch shot. The ski with the 4 shots on it is called a shot ski. They have a website.


Sent from my iPhone using Tapatalk

 

[vakthund]

Also if you happen to have 2 homes and an RV. You can put your RV on a home equity line, then it will be included with you home and you will be able to claim both homes and your RV.

Suggest a consult with an accountant - I am NOT one.
There are some restrictions:
- Loan must be secured in the home / property (as in if you don't pay the lender forecloses on the property)
- You must itemize deductions (not use the standard deductions)
- The maximum amount for which you can deduct interest is the lesser of the equity in primary and secondary home (fair market value - secured debt) or $50,000 single or $100,000 married.

https://www.irs.gov/pub/irs-pdf/p936.pdf

 

[JohnD]

Rumchata and fireball... Cinnamon Toast Crunch shot.

That's what it was . . . good stuff!