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Old 08-23-2016, 10:10 AM   #11
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We used to deduct it as a second home. We also get a break on the personal property using the same stipulation. We have to fill out a form stating that it qualifies as a second home because it has a br, kitchen and bath with our local tax auditor.

It's a nice break on local property taxes. Totally determined by local laws.

We don't have any interest deductions anymore for 2 reasons. We file short federal forms ( don't itemize) and no interest paid anyhow.
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Old 08-23-2016, 10:29 AM   #12
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Originally Posted by Rustysocket View Post
In some cases you can, but there are some stipulations.

Don't take your financial or insurance advice from people on the internet.

Talk to a professional.
+1, from a CPA. I really love it when my clients start a conversation with "I heard I can deduct XYZ ..." Every now and again, we will get a missed deduction, but mostly it's just "bar talk" and wishful thinking.

For starters, the interest deduction is an itemized deduction. If you don't (or can't) itemize, no deduction.

One commonly missed potential deduction is on an RV purchase. If your state does not have income tax, and instead has sales tax, you may be able to deduct the sales tax paid on the purchase of the RV. That goes for other vehicles and major purchases as well.

Again, best thing to do is talk to a trusted professional.
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Old 08-23-2016, 10:32 AM   #13
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I just paid off my mortgage this month on my 5th wheel... This will be my last year getting this deduction. This was a ten year note so that's how long I have been doing it...

Not a whole lot of deduction but in todays ecomony every little bit counts haha...

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Old 08-23-2016, 12:09 PM   #14
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I'm sure someone will correct me if I'm wrong, but my accountant also deducts the taxes that we are charged monthly for the storage facility that we use.
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Old 08-23-2016, 12:33 PM   #15
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I'm sure someone will correct me if I'm wrong, but my accountant also deducts the taxes that we are charged monthly for the storage facility that we use.
I'm sure your accountant does what is appropriate for your situation

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Old 08-24-2016, 07:40 AM   #16
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I'm sure someone will correct me if I'm wrong, but my accountant also deducts the taxes that we are charged monthly for the storage facility that we use.
It's just sales tax (which in TX is required on storage of RVs, and trailers, but not boats sitting on trailers, go figure that one). We have tracked our actual sales tax paid for 2 years now and compared it to the "standard" sales tax deduction on our tax return (figured using an algorithm based on your location and your income), and the "standard" sales tax deduction comes out higher every time. The sales tax on our storage fees doesn't amount to much anyway (I think about $45 per year IIRC).
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