Tax Credit for RV?

[rodro123]

Originally Posted by Sundancer330

That would be nice but the IRS will only allow loan interest deductions on it, if you pay cash your out of luck. It would be like I need a new roof on my house you sure can't write that off.

Pay cash for items like a new roof like I did and finance the RV you can now right off the interest on the loan.

[RogerSwann]

For AMT (Alternative Minimum Tax) purposes, the RV loan interest is not tax deductible. Turbo Tax will lead you to this question, but you must make the entry to back out the interest on the RV. So if you are hit by AMT, make sure you enter this interest correctly.

[Camper_bob]

Originally Posted by rodro123

Pay cash for items like a new roof like I did and finance the RV you can now right off the interest on the loan.

Or you could get a home equity loan for the roof, and deduct the interest then. Assuming you don't have insurance coverage, or you have enough to pay cash.

Originally Posted by RogerSwann

For AMT (Alternative Minimum Tax) purposes, the RV loan interest is not tax deductible. Turbo Tax will lead you to this question, but you must make the entry to back out the interest on the RV. So if you are hit by AMT, make sure you enter this interest correctly.

Does turbo tax really require you to make your own adjustments for MAGI to get to the AMT calculation? Hmm.