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12-18-2009, 05:49 PM
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#1
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Senior Member
Join Date: Aug 2008
Location: Enumclaw, WA
Posts: 2,615
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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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12-19-2009, 12:25 AM
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#2
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Senior Member
Join Date: Mar 2008
Location: Jacksonville Florida
Posts: 1,264
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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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/SIGPIC]'08 V-lite Flagstaff 30WRLS
'06 Ram 1500 QC hemi Reese dual cam sway control,
K&N series 77 intake, Hellwig helper spgs. LT tires,
Flowmaster "true duals", 380 h.p., Bilstein shocks
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12-19-2009, 01:49 AM
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#3
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Senior Member
Join Date: Jul 2009
Location: Louisiana
Posts: 156
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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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2010 Cherokee Grey Wolf 28BH
86ish palomino slide in
2000 F250 superduty 4x4 7.3/6speed crew/ short
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12-19-2009, 01:55 AM
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#4
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Senior Member
Join Date: Jul 2009
Location: Louisiana
Posts: 156
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Quote:
Originally Posted by 08flagvlite
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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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.
__________________
2010 Cherokee Grey Wolf 28BH
86ish palomino slide in
2000 F250 superduty 4x4 7.3/6speed crew/ short
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12-19-2009, 06:40 AM
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#5
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Senior Member
Join Date: Sep 2008
Location: Eastern Iowa
Posts: 314
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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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3500 Ram 5.9l diesel
08 35 RLT Cardinal
5th Airborne Pin Box
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12-19-2009, 11:02 AM
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#6
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Senior Member
Join Date: Aug 2009
Location: Northern Colorado
Posts: 508
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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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Tom
2004 Fleetwood Providence 38U
currently not towing a toad
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12-19-2009, 12:52 PM
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#7
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Moderator Emeritus
Join Date: Nov 2008
Location: Winston-Salem, NC
Posts: 2,381
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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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LadyWindrider
2012 Ford F250 ext. Cab 4x4
2002 Jeep Wrangler Sahara
2008 Yamaha V-Star 650 Classic
2008 Work and Play 18LT
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12-19-2009, 01:35 PM
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#8
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Senior Member
Join Date: Aug 2008
Location: Enumclaw, WA
Posts: 2,615
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Quote:
Originally Posted by windrider
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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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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12-28-2009, 12:44 AM
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#9
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Senior Member
Join Date: Aug 2006
Location: homebase Quitman Texas at Lake Fork
Posts: 1,399
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Quote:
Originally Posted by cardinal4fun
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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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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Living in the Piney Woods of Texas.
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12-28-2009, 08:20 AM
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#10
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Senior Member
Join Date: Aug 2009
Posts: 627
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That's why I married my accountant!
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12-28-2009, 10:29 AM
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#11
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Senior Member
Join Date: Aug 2006
Location: homebase Quitman Texas at Lake Fork
Posts: 1,399
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Quote:
Originally Posted by Filthy Beast
That's why I married my accountant!
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12-28-2009, 12:41 PM
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#12
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Senior Member
Join Date: Oct 2009
Location: Ontario Canada
Posts: 180
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Makes sense. Does anyone know if this applies in Canada as well ?
Thanks...Ron
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