Originally Posted by Copeland
I know peoples needs are different and I'm no accountant but the beat thing to finance would be to refi your home at maybe 4% and take out up to 80% in equity then buy the RV. This way not only is it less unrest you pay back but its tax deductible since its tied to your home.
I realize this is your first post, and you admit you have no tax or financial training, but IMO, borrowing on your home to buy anything that depreciates is bad advice.
In addition since an RV has all of the features of a second home, it (and boats with a galley, head, and bed) is considered a "second home" and all interest is tax deductible anyway. (as long as you are below the debt level where second home interest is tax deductible - currently 1.1 million in total debt).
The loan is secured by the RV and you are not already reporting interest on a main and second home.
You usually need to check - "I did not receive a 1098 for this interest" on your tax return.
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