Tax Time

Bill U · 01-13-2009, 08:52 PM

TT is financed alone, with its own note. Is the interest tax deductible? Yes it is a full TT: bathroom, kitchen, bedroom. Used for pleasure only. I assume it would be considered a second home....yes....no?
Thanks,
Bill

powerboatr · 01-13-2009, 10:24 PM

Quote:

Originally Posted by Bill U

TT is financed alone, with its own note. Is the interest tax deductible? Yes it is a full TT: bathroom, kitchen, bedroom. Used for pleasure only. I assume it would be considered a second home....yes....no?
Thanks,
Bill

i have taken ours off as a second home every year since 1996 when we first started rving....

my bank, shows interest paid for the year and thats what i deduct
i am not a cpa..just what i do each year

Hokiehall · 01-13-2009, 10:49 PM

Yes, it is considered a second home and the interest is tax deductible.

chevy02 · 01-13-2009, 11:16 PM

Same here we deduct interest also

rockwood06 · 01-14-2009, 04:45 AM

I think the way it works, as long as it has a galley and or a bathroom it can be used as a tax write off, boats as well.

**KyDan** · 01-14-2009, 10:25 AM

For what it's worth--
Turbo Tax came out late in 08 and they were going to charge you $10 extra
to print more than one return! The box did not say that on the outside.
You didn't find out until you had installed it.
There was such an uproar on Amazon and other web sites that Intuit changed
their mind.
Currently Turbo Tax for year 2008 will let you print un-limited returns
and you get 5 free fed e-files.

FYI, Amazon has the Deluxe + state for about $42 including shipping.
There are power sellers on Ebay that will ship it to you for a couple bucks less than that.
I've seen it in stores here for $59.95-- yikes!!!
Walmart.com wants $55!!

Shop carefully!! Prices vary a LOT.

Peace!
KyDan

dezolen · 01-14-2009, 12:12 PM

We in Canada cannot write anything off of anything but we do get universal health care.

Bill U · 01-14-2009, 06:18 PM

yeah but how good is the health care system working out up there. All we hear down below you is how bad it is up there.

dezolen · 01-14-2009, 07:58 PM

Totally untrue. System works for all. Not just the rich

powerboatr · 01-14-2009, 09:47 PM

Quote:

Originally Posted by dezolen

Totally untrue. System works for all. Not just the rich

whats your income tax rate? for grins

dahmmer · 01-14-2009, 10:45 PM

Generally in BC around 25 - 40 % depending on income . I usally am around 35 % or so.

GoVols · 01-17-2009, 04:19 PM

I too deduct the interest for my TT. I believe there is a rule about how many weeks you must stay in the TT to qualify as a second home. I never have a problem meeting the time so I am not sure of the number. I do not claim any expertise in this matter so it is always best to check it out....try www.irs.gov.

rockwood06 · 01-18-2009, 08:46 AM

One other thing you can check into is the depreciation of your RF, if you use it for a business. I know of people that use there class "A" motor homes for rescue work like the Greyhound rescue and adoption agency and then there are others that advertises there business on there SUV's. I believe that there is an allowance for fuel, maintenance, and mileage. That's one of alot of things we were able to deduct was the us of ower Suburban When my wife was doing in home daycare. It might be worth checking into.

aintgotnun · 01-20-2009, 08:24 AM

OK folks I noticed a couple of post that started getting political in this thread. Let's cool it please. The initial post concerned deducting interest of the TT from income tax. Keep to the topic.

Nuff said.

Pedmom · 02-24-2009, 07:48 PM

Gang, I would like to see something from the IRS stating that this interest is deductible if anyone found something. To the best of my knowledge, the interest is only tax deductible IF it's based on a home equity loan. I worked for a CPA firm for almost 20 years and I don't recall ever seeing anything that states a travel trailer or RV is a "second home". Maybe if you park it on land you own?

I just bought my first tt on Saturday and when I told the dealer I was going to get a home equity loan instead of taking their financing so it would be tax deductible, he agreed that was best because a regular rv loan is not tax deductible.

Obviously I don't know everything and might be wrong! Just be careful and you might want to ask a CPA. :P

Hokiehall · 02-24-2009, 09:10 PM

Here is the link to the official IRS publication on Home Mortgage Interest. Page two lists what is a qualified home.

http://www.irs.gov/pub/irs-pdf/p936.pdf

Pedmom · 02-24-2009, 09:20 PM

Well I'll be. I am really glad I put this part in my post:

Quote:

Originally Posted by Pedmom

Obviously I don't know everything and might be wrong! Just be careful and you might want to ask a CPA. :P

Ha ha. Thanks for posting that. I never knew and will be happy to inform the trailer dealer salesman since he should know!!

rlocicero · 04-16-2009, 02:52 PM

I love Turbottax. I usually pick up 2 or 3 clients a year who have had t-tax miss something.

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