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Old 01-31-2016, 06:01 PM   #1
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Taxes

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.
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Old 01-31-2016, 11:31 PM   #2
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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.
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Old 02-01-2016, 08:58 AM   #3
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I totally agree with ependydad, a tax professional is the only option I would recommend.
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Old 02-01-2016, 09:06 AM   #4
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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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Old 02-02-2016, 10:08 AM   #5
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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.
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Old 02-02-2016, 10:43 AM   #6
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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.
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Old 02-02-2016, 10:52 AM   #7
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Just remember Alcohol and filing taxes don't mix well!
Or maybe they do......
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Old 02-02-2016, 11:24 AM   #8
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The info I posted is from the IRS Web site. Just go there and do a quick search very easy...
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Old 02-02-2016, 08:31 PM   #9
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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.
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Old 02-02-2016, 08:39 PM   #10
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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...

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