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Old 01-01-2016, 05:46 PM   #31
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We used our home equity line of credit. Interest deductible. Paid at an accelerated rate, so we were 'ahead' of the depreciation. If you take 10 years to pay for it (which they will let you), you'll always be upside down.
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Old 01-01-2016, 07:35 PM   #32
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I financed our camper, for 20 years, now I have a bank praying that I live that long.


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Old 01-01-2016, 08:14 PM   #33
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Finance every time. Keeps Credit Bureaus in business
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Old 01-01-2016, 10:44 PM   #34
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Quote:
Originally Posted by 5er_tom View Post
We finance. Low interest rates plus the RV qualifies as a second home so the interest is a deduction on our taxes.
I've financed my new one this summer for these same reasons. Plus I didn't have the total cash available.
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Old 01-01-2016, 11:04 PM   #35
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I've done both. I've decided it works better for me to split the baby and make at least 1/3 down payments and finance the rest. I pay my bills much better than I save money. I consider the interest to be a reasonable fee for imposing external discipline. I've wasted so much money on RVs and guitars that I need all the help I can get. (Moreover, not paying cash leaves a little more money laying around for the inevitable repairs.)
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Old 01-01-2016, 11:13 PM   #36
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Interesting stuff. Can you write off the entire interest?
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Old 01-02-2016, 09:03 AM   #37
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I believe you can write off all the interest. Most RV's have a kitchen, bath room and bedroom so they qualify as a second home.
I am not a tax person, but I do believe it is true.


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Old 01-02-2016, 10:16 AM   #38
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It is my understanding that it qualifies as a 3rd home, as-well.
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Old 01-02-2016, 12:35 PM   #39
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Tax Deductible?

Good question about the tax deduction. I have owned and financed two TT's and now a MH over the last five years (kept moving up). The first salesman told me the interest was tax deductible but the CPA who did my taxes said not. I asked the next CPA two years later and she said she wasn't aware of it. I didn't bother to ask the third one last year. Are there any tax experts out there with the knowledge and can reference the tax code location?
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Old 01-02-2016, 12:37 PM   #40
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Mine is written off... My tax guy suggested we finance instead of cash for that very purpose.

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