Motorhome/camper as 2nd home for taxes

Frank4 · 01-09-2012, 07:01 PM

Well it's time to do taxes. And before I bought my Georgetown I was told that I could write the taxes off as a 2nd home. Is this true and what do I need to do this. Thanks

dilgerc · 01-09-2012, 07:28 PM

I was told the same thing with our travel trailer. I use a CPA so I'll know more when I see him in a month or so. Good luck

Mountainmanbob · 01-09-2012, 07:30 PM

do not think so
not at least in Calif
a second home here has to be
at least someTHING like
50 miles away from the main home
then it is called a vacation home

possibly you could put your office
in your motor home or trailer
and get a legal write off ??
MM

NO3putt · 01-09-2012, 08:28 PM

If you can sleep, cook and use the bathroom in it then you most certainly can deduct interest on schedule a of your 1040.

Laura · 01-09-2012, 08:39 PM

Mo3putt is correct - if it is fully self contained, the interest on your loan can be written off in the same way a mortgage can be. That is it, though. Is the Interest on Your RV Loan Tax Deductible

sherdep · 01-09-2012, 09:04 PM

I almost forgot about this - My father was telling me about this as well when I first bought my camper.

The only issue I may have is that Bank of the West does not post this info under my login for what ever reason so I guess I am going t have to contact them to get what intrest I have paid so far for 2011.

Ovair · 01-09-2012, 09:07 PM

Yep. I've been doing it for almost 25 years.
How to Claim the Interest Paid on Recreation Vehicles

sherdep: you should receive a letter in lieu of a 1098 from BOTW. That's what we have gotten from them, and it said right on it that they don't issue 1098s. It has been accepted by my tax preparer and I've passed audits, so I'm confident it is alright.

sherdep · 01-09-2012, 09:13 PM

Quote:

Originally Posted by Ovair

Yep. I've been doing it for almost 25 years.
How to Claim the Interest Paid on Recreation Vehicles

sherdep: you should receive a letter in lieu of a 1098 from BOTW. That's what we have gotten from them, and it said right on it that they don't issue 1098s. It has been accepted by my tax preparer and I've passed audits, so I'm confident it is alright.

Awesome - thanks for the info - Much appreciatted

Rebel702 · 01-10-2012, 12:50 AM

Besides the interest you can also claim the personal property taxes that you pay for the motorhome.

leencharlotte · 01-10-2012, 12:20 PM

Quote:

Originally Posted by sherdep

I almost forgot about this - My father was telling me about this as well when I first bought my camper.

The only issue I may have is that Bank of the West does not post this info under my login for what ever reason so I guess I am going t have to contact them to get what intrest I have paid so far for 2011.

I have my loan through them as well. I called last year to ask if they provide this and they said they send them every year??? But i will call them as well just to make sure

wnytaxman · 01-10-2012, 04:03 PM

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.

**Herk7769** · 01-10-2012, 04:06 PM

Quote:

Originally Posted by wnytaxman

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)?

wnytaxman · 01-10-2012, 05:00 PM

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.

biken201 · 01-10-2012, 08:13 PM

Yep, I was able to write off the interest on my POPUP's loan. Qualified as a second home.

Ovair · 01-10-2012, 10:09 PM

Quote:

Originally Posted by wnytaxman

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.

**Terier** · 01-10-2012, 10:34 PM

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....

sherdep · 01-10-2012, 11:28 PM

Quote:

Originally Posted by Terier

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

wnytaxman · 01-11-2012, 10:26 AM

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.

wnytaxman · 01-11-2012, 02:09 PM

Quote:

Originally Posted by sherdep

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.

**Herk7769** · 01-11-2012, 02:39 PM

Quote:

Originally Posted by wnytaxman

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*

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