Reply
 
Thread Tools Display Modes
Old 01-10-2012, 04:03 PM   #11
2011 Berkshire 390bh
 
wnytaxman's Avatar
 
Join Date: Jul 2009
Location: Western NY State
Posts: 688
As a CPA, perhaps I can answer your questions. First off you can deduct the interest on your RV as a second home providing you don't already have a second home that you are deducting the interest on. Second thing to look at is how much sales tax did you pay on your rig when you bought it. If that sales tax plus the tax from the sales tax tables is more than what you paid in state income tax then you can take the sales tax also.

One hint for you though. Do not show the interest on your RV on the mortgage interest line on Schedule A. Show it as other mortgage interest not reported on a 1098. This should keep you from getting a friendly letter from the IRS.

As far deducting the RV cost, you would have to show some business or rental purpose to take off any of the cost of the RV itself. If you do go that route, be aware that some of the use of the RV will be personal so you can't take the whole thing unless you don't use it personally at all.

I hope this helps.
__________________

__________________
2011 Berkshire 390bh
wnytaxman is offline   Reply With Quote
Old 01-10-2012, 04:06 PM   #12
Site Team - Lou
 
Herk7769's Avatar
 
Join Date: Oct 2009
Location: South Eastern PA
Posts: 21,155
Quote:
Originally Posted by wnytaxman View Post
As far deducting the RV cost, you would have to show some business or rental purpose to take off any of the cost of the RV itself. If you do go that route, be aware that some of the use of the RV will be personal so you can't take the whole thing unless you don't use it personally at all.
I assume if you rent it out for profit then it won't qualify as a second home either (or would the mortgage interest fractionalize too)?
__________________

__________________

Lou and Laura with Bella - German Short Hair Pointer
2008 GMC Sierra 2500HD Crewcab SB Allison Duramax
2010 Flagstaff 8526RLWS - Superglide 3300
HAM CALLSIGN - KC3FFW
Herk7769 is offline   Reply With Quote
Old 01-10-2012, 05:00 PM   #13
2011 Berkshire 390bh
 
wnytaxman's Avatar
 
Join Date: Jul 2009
Location: Western NY State
Posts: 688
Yep Lou, you would split it between personal and rental. Let's say the interest was $4,000 and it was 60/40 personal to rental. Then I'd take $2400 on Schedule E and $1600 on the Schedule A.
__________________
2011 Berkshire 390bh
wnytaxman is offline   Reply With Quote
Old 01-10-2012, 08:13 PM   #14
Senior Member
 
biken201's Avatar
 
Join Date: Aug 2011
Location: Arizona
Posts: 270
Yep, I was able to write off the interest on my POPUP's loan. Qualified as a second home.
__________________
11' Dodge Ram 3500 DRW 6.7 Cummins
12' Rockwood Roo 233S
Current: AZ
Wife: NY
Me: IL
3 Akitas (RIP D-Dog)
biken201 is offline   Reply With Quote
Old 01-10-2012, 10:09 PM   #15
Lottery Non-Winner
 
Ovair's Avatar
 
Join Date: Jul 2011
Posts: 437
Quote:
Originally Posted by wnytaxman View Post
One hint for you though. Do not show the interest on your RV on the mortgage interest line on Schedule A. Show it as other mortgage interest not reported on a 1098. This should keep you from getting a friendly letter from the IRS.
Oooh, you are absolutely right. I "think" it is line 11 on schedule A instead of line 10. If it is line 10, it is referring to your primary home and the numbers won't match. It goes on line 11 as "other" and the IRS will understand it is not the main domicile.
__________________

2011 Georgetown 337
2009 HD FLHTCU
2007 HD FXSTC
Ovair is offline   Reply With Quote
Old 01-10-2012, 10:34 PM   #16
Site Team
 
Terier's Avatar
 
Join Date: Mar 2011
Posts: 9,614
I was excited last year during tax time thinking about the trailer as a tax deduction but quickly found out I was still better off filing using the short form. I paid cash for the trailer in full so there's no interest either. I just don't have enough deductions to file anything but short form. Gosh - I really could use a husband or kids....
__________________
Great choice for "Living within my means" and camping for one...

2011 Salem Cruise Lite 20RBXL & 2011 Toyota Tundra Dbl Cab
Camping History: 45 Trips / 133 Nights / 3736 Miles
FRF Social Group: Campers of the West
Terier is offline   Reply With Quote
Old 01-10-2012, 11:28 PM   #17
Senior Member
 
sherdep's Avatar
 
Join Date: Jan 2011
Location: Saint Cloud FL
Posts: 1,565
Quote:
Originally Posted by Terier View Post
I was excited last year during tax time thinking about the trailer as a tax deduction but quickly found out I was still better off filing using the short form. I paid cash for the trailer in full so there's no interest either. I just don't have enough deductions to file anything but short form. Gosh - I really could use a husband or kids....
Kids bring a better tax credit then Husbands do
I have no husband - glad I dont swing that way and no wife as of yet but I do have my 5 year old daughter I claim on my taxes - I know I spend way more on her then the goverment give's me back in tax breaks. Hope that helps that dilema
__________________
2011 Rockwood Mini Lite 2306 - Matt
2004 Dodge Ram 1500 Qaud Cab 4x4 with 35" tires and 3.92 gears, Dynatech Longtube Headers & Fabtech 6" lift + Superchips with shift Tuning
Nights Camped 2011 (37) - 2012 (16)-2013 (2) -2014 (5) -2015(0)
USMC 91 - 95 - F/A-18 Aviation Ordnance
sherdep is offline   Reply With Quote
Old 01-11-2012, 10:26 AM   #18
2011 Berkshire 390bh
 
wnytaxman's Avatar
 
Join Date: Jul 2009
Location: Western NY State
Posts: 688
If some of you itemized on your prior returns and didn't pick up either the interest paid on your RV, the sales tax paid on the purchase, or the personal property tax paid on your unit, you can still amend prior year returns. The years of 2008, 2009, and 2010 are still "alive" for amending until April 17th. After that date you will not be able to amend your 2008 returns but you could still amend 2009 and 2010.
__________________
2011 Berkshire 390bh
wnytaxman is offline   Reply With Quote
Old 01-11-2012, 02:09 PM   #19
2011 Berkshire 390bh
 
wnytaxman's Avatar
 
Join Date: Jul 2009
Location: Western NY State
Posts: 688
Quote:
Originally Posted by sherdep View Post
Kids bring a better tax credit then Husbands do
I have no husband - glad I dont swing that way and no wife as of yet but I do have my 5 year old daughter I claim on my taxes - I know I spend way more on her then the goverment give's me back in tax breaks. Hope that helps that dilema

Yep, but you missed the most expensive one of all.....the ex-wife! Been there, done that, paid the price. Problem is that after she takes your car, your house, and your retirement you still don't have any tax deductions.
__________________
2011 Berkshire 390bh
wnytaxman is offline   Reply With Quote
Old 01-11-2012, 02:39 PM   #20
Site Team - Lou
 
Herk7769's Avatar
 
Join Date: Oct 2009
Location: South Eastern PA
Posts: 21,155
Quote:
Originally Posted by wnytaxman View Post
Yep, but you missed the most expensive one of all.....the ex-wife! Been there, done that, paid the price. Problem is that after she takes your car, your house, and your retirement you still don't have any tax deductions.
Well, you are the expert here, but if you pay alimony I believe it is a top line deduction so it does not count against YOU as income.

VERY small silver lining.. (the B&^%&)

(Married 39 years and counting so the above does not apply to me)
*fingers crossed*
__________________

__________________

Lou and Laura with Bella - German Short Hair Pointer
2008 GMC Sierra 2500HD Crewcab SB Allison Duramax
2010 Flagstaff 8526RLWS - Superglide 3300
HAM CALLSIGN - KC3FFW
Herk7769 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 04:15 PM.