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Old 01-15-2015, 06:38 PM   #1
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Tax advice??

I'm I have searched on here and don't see any post about taxes.

I bought this RV last February and immediately put it in service and leased it to a corporation that I own.

I work from home and also have 2 other offices in other states. I travel a lot and now use the RV as my office on a daily basis. Company pays a flat monthy lease payment and I they pay all insurance and maintenance and fuel.

My question is how do I claim this on my personal taxes since the RV is in my name? Do I do a schedule C and show the lease income and depreciation or do I show schedule E which appears to be for rental property (real estate)?

Any suggestions would be very helpful.

I have been doing my taxes for both my corporate and personal taxes. Turbo tax is unclear on the whole RV issue.

Glenn


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Old 01-15-2015, 07:21 PM   #2
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That would be a question for your accountant I don't think I would ask that here you might not get the right answer and you don't want to mess with Uncle Sam.
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Old 01-15-2015, 07:29 PM   #3
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That would be a question for your accountant I don't think I would ask that here you might not get the right answer and you don't want to mess with Uncle Sam.

Mark, I am just looking for opinions. I have found over the years dealing with CPA's that they all have different interpretations of the tax code. I am just wondering what others have done. They are the ones making the final decision on what method they ultimately chose to file and have to live with the consequences of their decisions. Not the accountant.

Anyone in a similar situation as me?


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Old 01-15-2015, 07:37 PM   #4
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Yes they do have their own interpretations but theirs usually follow the law and would rather use their interpretation than asking someone on the street. It's like asking a truck driver for legal advice.
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Old 01-15-2015, 11:39 PM   #5
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Yes they do have their own interpretations but theirs usually follow the law and would rather use their interpretation than asking someone on the street. It's like asking a truck driver for legal advice.
Mark, I think you are missing the point. This forum is known to be s place to share experience with other RV'ers. This is tax season and it would be nice to hear how others have dealt with tax issues and even what their accountants have advised them to do.

I personally would never use advise I received from a web forum as my only source of information regarding a matter as important as the irs.

If people share there experience regarding tax strategies I may give them enough information they can snare with their accountants and possibly save themselves 1000's on their taxes.

it you know anything about the law, especially tac code you would know that some things are cut and dry and others are not.
that's why I said if you ask 2 cps's the same question you could get 2 different answers. just because your accountant may advise you on a issue doesn't mean its always going to be correct. that is why I always make sure that any cpa I hire for my business has actually defended a audit in the same industry that my business in involved with.

As you know, as a percentage of the population, RV'ers make up a very small group. A lot of CPA's have no experience with RV's and possible business use. Since they don't know they will take the easy way out.



'Whats wrong with truck drivers? I have been involved in the logistics industry for almost 30 yrs now and there are some great very smart people delivering loads everyday. There are idiots in every profession.
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Old 01-16-2015, 12:07 PM   #6
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No I got the point just was giving my advice in regards to it and nothing is wrong with truck drivers my father was one but I still wouldn't want him for a lawyer. You may ask 2 cpa's that question and get 2 different answers but if you ask 2 regular people that question, well lets just forget it.
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Old 01-19-2015, 06:29 PM   #7
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Do you use it exclusively as an office, as part of the business? You have two different items. First the lease cost is a corporate expense (Schedule C if a LLC, etc). You have to show the lease payments received from the corporation as income received. You should be able to depreciate the unit, charge off any repair expense and charge off the interest payments (if any) as an Income producing property (rental home type).

But I didn't stay at Holiday Inn Express last night and am not an accountant. Now if you use TurboTax, etc, they have experts that can help you through this. But I have done some research as we are going to depreciate our motorhome, as the wife is a photographer, and we are using it to travel and photograph locations.

But what amazes me every time I file my taxes (almost an inch of paper for a very small business ) is just how stupidly complicated our tax system is.
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Old 01-21-2015, 09:09 PM   #8
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Hi Glen,

You did not say the form of the corporation you have (C, S, LLC, per se, etc.) nor did you say what type of lease it is (Capital, ordinary). All of these items may prove to be important for you to properly account for its activity.

I am curious why you decided to buy it personally and then lease it to the corp. Would it not have been better to have the corp purchase the unit itself? Then again at the end of the day all your really doing is moving money from one pocket to the next as I guess your the sole owner of the corp. So I guess it might not really matter which way you do it.

Let us know how you make out.

Vin.
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Old 01-22-2015, 09:29 AM   #9
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Vin,

The company is a c corp. My plan is to show lease income on schedule c personally and the company will show the lease payments as a expense. The lease is a annual lease that is based on 11 months per year lease. I have the right to use the RV for 31 days and the company has the right to sublease the RV. It has also received lease income. I am not concerned how to handle RV as far as the c-corp taxes are concerned. I am just concerned about personal taxes.

My goal is to be able to depreciate it personally and capture the depreciation and interest expense. I am going to show that the RV is used 10% personal use.

This will be end up being a passive loss for personal.

The company leases the RV from me on a net rental meaning they are responsible for all maintenance, taxes, insurance, etc.

That's where I am at with this issue and I have spoken to 2 different CPA's and have been told this should be ok. Both had different ways of accomplishing my same goals.

So I am going to file the way I described above. Unless someone has experience or raises concerns that I need to address again with tax pro's.


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Old 01-23-2015, 06:17 AM   #10
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I use mine for work as I travel in it for work.

I think the CPA does a deappreiant but you have to say for how many years it will be. I do 5 or 7. Let them see which will be better for me.

I keep up with my mileage, lot rent, and repairs and supplies. That easily gets me past the $12,500 to do itemized.

With my mileage I track the states I work in and there is a per deim amount allowed for food.

I enter my information on a spreadsheet and put on a thumb drive and give to my CPA along with receipts.

I think after 3 states it's a $100 charge for each additional state.

I hate forms and the rules change. I am willing to pay $150 to $300 to not have the headache. My CPA will assist you in an audit but you are still liable as you give them the information. I use a CPA that her husband does the same kind of work as I do. You have to find one that knows your situation and is fiminalar with it to get the best results and be legal.


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