Reply
 
Thread Tools Display Modes
Old 01-02-2016, 01:03 PM   #41
Senior Member
 
Oaklevel's Avatar
 
Join Date: Sep 2012
Location: Virginia
Posts: 3,530
If we had to wait to have the cash we would never be able to RV................

__________________

__________________

2005 Dodge 3500 Cummins
2017 Wildwood Lodge 4092 BFL
1966 Mustang GT
1986 Mustang SVO
Sadie & Lillie Spoiled Rotten Boxers
Oaklevel is offline   Reply With Quote
Old 01-02-2016, 01:08 PM   #42
Senior Member
 
Join Date: Oct 2015
Location: Wisconsin/Florida
Posts: 793
Here is the dope straight from the IRS:
https://www.irs.gov/pub/irs-pdf/p936.pdf

See page 4. The CPA should have easily found the information.
__________________

__________________
PenJoe is offline   Reply With Quote
Old 01-02-2016, 01:09 PM   #43
Senior Member
 
Oaklevel's Avatar
 
Join Date: Sep 2012
Location: Virginia
Posts: 3,530
Quote:
Originally Posted by Donamac View Post
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?

Don't know the code but our CPA & tax preparers have been writing the interest off as a second home as long as it has kitchen, bath, bedroom since we have owned campers since 1988...... The camper before that one was paid for.
__________________

2005 Dodge 3500 Cummins
2017 Wildwood Lodge 4092 BFL
1966 Mustang GT
1986 Mustang SVO
Sadie & Lillie Spoiled Rotten Boxers
Oaklevel is offline   Reply With Quote
Old 01-02-2016, 03:18 PM   #44
Left Coast
 
Join Date: Dec 2014
Location: vancouver,washington
Posts: 15,649
Send a message via Yahoo to bob caldwell
Straight scoop from tax lady....Yes, but only 2 homes at a time...45 years in business
__________________
bob caldwell is offline   Reply With Quote
Old 01-02-2016, 10:43 PM   #45
Senior Member
 
ferguson65's Avatar
 
Join Date: Oct 2014
Location: Southeast PA
Posts: 273
I paid cash. Had a long conversation with a buddy who was looking too about the cash vs. finance. Personally I can't see financing something, and giving a bank money just to get a tax write off (If you have the free cash in the bank). Writing off my mortgage interest barely gets me anything back. My buddy ultimately decided cash was king, and went that route. He also tried the having a baby tax deduction and found it didn't get him hardly anything back, I'll get my turn on that one on my 2016 taxes. I financed less than one 1/3 of my truck and would already have it paid off but my mortgage costs me a lot more money so all spare funds go there.
__________________
2013 F350 dually
2015 Palomino Puma 351THSS Premier Edition
2015 Nights camped 15
2016 Nights camped 5
ferguson65 is offline   Reply With Quote
Old 01-02-2016, 11:56 PM   #46
Usually Confused Member
 
emm-dee's Avatar
 
Join Date: Nov 2015
Location: Georgia
Posts: 1,610
I write off the interest on my horse trailer because it has full living quarters. Even survived an IRS audit and they didn't have a problem with it. The new TT is not financed so no write-off there.
__________________
At some point during every day you suddenly realize nothing else productive is going to happen the rest of that day. For me, it usually occurs around 9 am.

Vengeance 25V (the Harley needed a home)
emm-dee is offline   Reply With Quote
Old 01-03-2016, 09:37 AM   #47
Senior Member
 
Join Date: May 2014
Location: Melbourne, FL
Posts: 148
I am upgrading right now and have the cash available to buy but I am going to finance and pay it off early. Cash is better in my bank account than theirs and the interest rates are still low...
__________________
Skippy38 is offline   Reply With Quote
Old 01-03-2016, 11:20 AM   #48
Senior Member
 
PhoneDude 8289's Avatar
 
Join Date: Sep 2013
Location: Texas
Posts: 1,087
Cash is king and it's more fun to play when you don't have a payment looking you in the face.
__________________
Joe & Beverly
2014 Ram CTD, CC, SB
2014 8289WS lifted
PhoneDude 8289 is offline   Reply With Quote
Old 01-03-2016, 11:23 AM   #49
Site Team
 
dcheatwood's Avatar
 
Join Date: Nov 2011
Posts: 3,376
Both. Depends on several things. Cash available, interest earned on it, loan interest, etc. My current is thru barksdale fed credit union at 2.29%.
__________________
2013 Rockwood 8282WS
Reese Revolution Pin, Reese 16K
2008 Tundra Limited Double Cab 5.7L
Air Lift 5000 w/Wireless Air

dcheatwood is offline   Reply With Quote
Old 01-03-2016, 11:25 AM   #50
Left Coast
 
Join Date: Dec 2014
Location: vancouver,washington
Posts: 15,649
Send a message via Yahoo to bob caldwell
Also easier to do a mod.....'cause no repo man lurk'n
__________________

__________________
bob caldwell is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



» Virginia Campgrounds

Reviews provided by




ForestRiverForums.com is not in any way associated with Forest River, Inc. or its associated RV manufacturing divisions.


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 07:55 AM.