Taxes

kmcgee747 · 01-31-2016, 06:01 PM

I'm a new RV owner that pretty much lives in my RV for work. I don't know much of anything about how the taxes work. What can I write off? I have heard so many different things. I need advice.

**ependydad** · 01-31-2016, 11:31 PM

Quote:

Originally Posted by kmcgee747

I'm a new RV owner that pretty much lives in my RV for work. I don't know much of anything about how the taxes work. What can I write off? I have heard so many different things. I need advice.

Consult a tax professional. Preferably one that is familiar with fulltimers. A forum is the absolute last place to get input from.

GlenZ · 02-01-2016, 08:58 AM

I totally agree with ependydad, a tax professional is the only option I would recommend.

arpipeliner · 02-01-2016, 09:06 AM

Agree with Edad. If in oil and gas ask some of your smarter coworkers who to use. Some CPA specializes in that area just as if am selling timber I will use ones that know those laws.

Hope you kept receipts and wrote your mileage down for each day.

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Rayax23 · 02-02-2016, 10:08 AM

A second home must have sleeping, cooking, and toilet facilities. If your travel trailer meets these conditions, it can be a second home. You can deduct interest paid on a loan used to purchase your second home.

You can only deduct interest for two homes—your main home and a second home. Real estate taxes or personal property taxes can be deducted on any number of homes.

You can enter both of these deductions under Federal Taxes > Deductions & Credits > Your Home.

Briorick · 02-02-2016, 10:43 AM

Quote:

Originally Posted by Rayax23

A second home must have sleeping, cooking, and toilet facilities. If your travel trailer meets these conditions, it can be a second home. You can deduct interest paid on a loan used to purchase your second home.

You can only deduct interest for two homes—your main home and a second home. Real estate taxes or personal property taxes can be deducted on any number of homes.

You can enter both of these deductions under Federal Taxes > Deductions & Credits > Your Home.

AGREED! We had just purchased our New TT this past weekend and were told the exact same information by their finance person, regarding "deducting only the Interest" on the TT, serving as a 2nd home.

DreiHunde · 02-02-2016, 10:52 AM

Just remember Alcohol and filing taxes don't mix well!

Or maybe they do......

Rayax23 · 02-02-2016, 11:24 AM

The info I posted is from the IRS Web site. Just go there and do a quick search very easy...

si camper · 02-02-2016, 08:31 PM

Quote:

Originally Posted by Rayax23

A second home must have sleeping, cooking, and toilet facilities. If your travel trailer meets these conditions, it can be a second home. You can deduct interest paid on a loan used to purchase your second home.

You can only deduct interest for two homes—your main home and a second home. Real estate taxes or personal property taxes can be deducted on any number of homes.

You can enter both of these deductions under Federal Taxes > Deductions & Credits > Your Home.

I don't know the facts or have anything to draw from but don't you also have to show that you live in your "2nd home" a certain percentage of your time to be able to deduct the interest. I know this wouldn't pertain to the OP since he is stated that he lives in his RV.

Oaklevel · 02-02-2016, 08:39 PM

Quote:

Originally Posted by si camper

I don't know the facts or have anything to draw from but don't you also have to show that you live in your "2nd home" a certain percentage of your time to be able to deduct the interest. I know this wouldn't pertain to the OP since he is stated that he lives in his RV.

So far 30 years never had to show how much usage of the RV, have been deducting interest on/off over 30 years. Always have a tax professional do our taxes but not for that reason.............

Back to the OP as others have suggested consult with a CPA of other tax professional will get guidence here good, bad , and ugly...

Rayax23 · 02-02-2016, 08:56 PM

Not to sound like a Jerk, but go to the IRS Site it lays it out plain as day.. If you can use this site you can use the IRS site. That way you don't get conflicting information

Rayax23 · 02-02-2016, 09:05 PM

Also if you read the paragraphs above the main home section it clearly states the type of homes, trailers or similar property that have sleeping, cooking, and toilet facilities...

Still Kickin · 02-03-2016, 01:42 PM

Quote:

Originally Posted by Rayax23

Not to sound like a Jerk, but go to the IRS Site it lays it out plain as day.. If you can use this site you can use the IRS site. That way you don't get conflicting information

X2. Enough already about "tax professionals" highly overrated. This stuff is not rocket science. Look it up at IRS.gov, after all you paid for them to build the site so you can use it. Copy the pertinent pages for your own reference. Most people think doing your taxes is difficult, they make you believe you need them, because if they ever do simplify the code, think how many are out of work. They, collectively (tax attorneys, CPA's etc.) are the biggest lobby against reform. They even have their own lobbyists that fight simplification when that topic rears it's head, sad but true.
There are a few general rules that apply here, any questions on whats confusing after you read up on it, PM me, i'll point you in the right direction.

**Iwritecode** · 02-03-2016, 02:38 PM

This is the form I use. Makes my takes really simple.

DreiHunde · 02-03-2016, 03:01 PM

Quote:

Originally Posted by Iwritecode

This is the form I use. Makes my takes really simple.

Funny cos it's pretty close to the truth...wait...

Davidg · 02-03-2016, 03:28 PM

I am not a tax expert, but I believe the thinking is that "you have to live somewhere" so if you are not in your home, then you are in the rv. If not the rv, then you will be home.
This is the general idea.....hotels are another variable depending on reason for.

Rayax23 · 02-03-2016, 04:01 PM

Davidg did you look at the pic from the IRS it clearly says you do not have to use the home during the year.. Guys please read and if you can't read then get a tax professional.. This stuff is not hard at all you guys are making it way worse than what it is....

Davidg · 02-05-2016, 10:08 PM

Well Mr ray ax, nope, I didn't read the sign. I was just joining a discussion, and yes, you do sound like a jerk.

MillerTime · 02-05-2016, 10:42 PM

Op.
If camper is a business expense, you should be able to set it up on depreciation, just like equipment. I believe you could use the interest as a business expense as well as the tag and taxes.
This is comming from a current and former business owner, but we have only used the camper for personal use, but deduct the interest like a home mortgage.

MillerTime · 02-05-2016, 10:48 PM

Quote:

Originally Posted by Rayax23

Not to sound like a Jerk, but go to the IRS Site it lays it out plain as day.. If you can use this site you can use the IRS site. That way you don't get conflicting information

Quote:

Originally Posted by Rayax23

Davidg did you look at the pic from the IRS it clearly says you do not have to use the home during the year.. Guys please read and if you can't read then get a tax professional.. This stuff is not hard at all you guys are making it way worse than what it is....

Good info!

Like stated before.... its not rocket science.

We use a cpa for our taxes. Its more than i want to do, since we have to do taxes for 2 businesses and he does our P&L's for us. Plus it is just too reasonable for what he charges, for me to worry about doing myself.

But the details about camper write offs is pretty straight forward.(or at least it seems that way to me)

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