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Old 12-18-2009, 05:49 PM   #1
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Tax deductions

So tax time is just around the corner and I'm wondering if anyone has deducted the intrest on their RV loan from their federal taxes? Is it listed like a mortgage or do you need a different form? I'm told we can do it but I haven't had to deal with it till now.

It's also a good time though to add solar to your rig if anyone is planning on doing so. As it was pointed out to me by another member the government is refunding 30% of the purchase cost of a solar system.
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Old 12-19-2009, 12:25 AM   #2
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My tax advisor said that you can claim the sales tax paid on the camper the year you bought it. If you're a full-timer, then you can deduct interest on your rig, providing that it is your primary residence; that's where things may get a little shady! Randy
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Old 12-19-2009, 01:49 AM   #3
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If you are buying an expensive rig and financing it, you can take a first or second mortgage out to pay for it so the interest will be tax deductible.
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Old 12-19-2009, 01:55 AM   #4
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Quote:
Originally Posted by 08flagvlite View Post
My tax advisor said that you can claim the sales tax paid on the camper the year you bought it. If you're a full-timer, then you can deduct interest on your rig, providing that it is your primary residence; that's where things may get a little shady! Randy
I know there is a 2009 deduction for tax on any new, and it must be new, vehicle-car, truck, motorhome, motorcycle- but I dont think it covers trailers.
Any more info about this would be helpful.
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Old 12-19-2009, 06:40 AM   #5
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I have taken the interest off taxes for many years. You will not get a form from the loan holder like you do for you house. However there is a place to put the interest paid on the tax forms. I beleive the its handled like a vacation home, as long as it has facuilities i.e. restroom, kitchen, etc. it qualifies for interest deduction.
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Old 12-19-2009, 11:02 AM   #6
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Yes, you can deduct the interest for an RV or Boat as long as it has bathroom facilities (and many people stretch that definition). It is treated as stated much like a vacation home or secondary home. That was the first thing my accountant asked for was the intereste paid for my trailer when I told him I had bought one. The second was the license plate registration to deduct the ownership taxes portion. Gotta get every nickel and dime you can
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Old 12-19-2009, 12:52 PM   #7
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Found this doing a search, from EZINE:

To qualify, the Internal Revenue Service (IRS) has ruled that:

The RV Must be used as security for the loan.
The RV must have basic sleeping, cooking, and toilet facilities.

Nearly all RV types – motor homes, travel trailers, truck campers and many folding camping trailers - are equipped with these facilities.*

*An RV with full facilities can qualify as a "dwelling unit" under the IRS code section 280A(f)(1). The U.S. tax court case of Haberkorn v. Commissioner. 75 T.C. 259 (Nov. 12, 1980 filed) gives further guidance on the tax deductibility of RVs.

The IRS description qualifies virtually every type of recreational vehicle on the market today! Even pop-up campers may qualify under this description. All you would need is a simple stove and porta-potty. So enjoy the benefits of RV travel and get a tax advantage too!

Maybe it will answer some questions.

Oh yea, may be used as an itemized deduction on IRS Form schedule A. Those that don't have enough deductions to use schedule A may not get to take advantage.

Maybe some more interesting reading IRS Pub 936, page 2, Qualified Home.
Found here http://www.irs.gov/pub/irs-pdf/p936.pdf
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Old 12-19-2009, 01:35 PM   #8
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Quote:
Originally Posted by windrider View Post
Found this doing a search, from EZINE:

To qualify, the Internal Revenue Service (IRS) has ruled that:

The RV Must be used as security for the loan.
The RV must have basic sleeping, cooking, and toilet facilities.

Nearly all RV types motor homes, travel trailers, truck campers and many folding camping trailers - are equipped with these facilities.*

*An RV with full facilities can qualify as a "dwelling unit" under the IRS code section 280A(f)(1). The U.S. tax court case of Haberkorn v. Commissioner. 75 T.C. 259 (Nov. 12, 1980 filed) gives further guidance on the tax deductibility of RVs.

The IRS description qualifies virtually every type of recreational vehicle on the market today! Even pop-up campers may qualify under this description. All you would need is a simple stove and porta-potty. So enjoy the benefits of RV travel and get a tax advantage too!

Maybe it will answer some questions.

Oh yea, may be used as an itemized deduction on IRS Form schedule A. Those that don't have enough deductions to use schedule A may not get to take advantage.

Maybe some more interesting reading IRS Pub 936, page 2, Qualified Home.
Found here http://www.irs.gov/pub/irs-pdf/p936.pdf
Thanks all for the information. I had thought that this was the case. I had heard in the past that the RV was treated like a vacation home as long as it met the requirements set forth. We owned our last rig outright so it was never an issue. This is our first rig on a loan so I wanted to be sure before I get to filling out forms (or answering the questions in Turbo Tax as the case may be).

Thanks again everyone...
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Old 12-28-2009, 12:44 AM   #9
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Quote:
Originally Posted by cardinal4fun View Post
I have taken the interest off taxes for many years. You will not get a form from the loan holder like you do for you house. However there is a place to put the interest paid on the tax forms. I beleive the its handled like a vacation home, as long as it has facuilities i.e. restroom, kitchen, etc. it qualifies for interest deduction.
me to since 1996, call it a second home and ask the bank for a year interest paid and off you go
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Old 12-28-2009, 08:20 AM   #10
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