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03-17-2017, 07:19 AM
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#1
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Senior Member
Join Date: Jun 2016
Location: Canutillo
Posts: 602
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Tax Credit for RV?
Can you deduct the interest on your RV like you do for your home mortgage from your Federal Income taxes?
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Home: El Paso Texas
Jayco Grayhawk 31FS 2010
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03-17-2017, 07:24 AM
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#2
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Senior Member
Join Date: Jan 2015
Location: DFW
Posts: 3,493
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We do. It's considered to be a 2nd residence.
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Dan
'24 GMC 2500 AT4X AEV Edition
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03-17-2017, 07:25 AM
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#3
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Senior Member
Join Date: Mar 2015
Location: Abingdon
Posts: 6,177
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I do every year. Our interest last year was $1784.11.
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2013 Jayco Eagle 328 RLTS
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03-17-2017, 07:29 AM
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#4
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Senior Member
Join Date: Sep 2014
Location: Upstate
Posts: 148
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Using TurboTax, it is listed as deductible.
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2015 Jayco Jay Flight 26BH
2004 5.3L Trailblazer
Warrant Officer Corps
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03-17-2017, 07:35 AM
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#5
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Senior Member
Join Date: Feb 2017
Location: Dallas
Posts: 4,281
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When I found out about that it made me wonder if certain maintenance/upkeep like tires etc could be itemized and deducted.
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Tight Lines and accurate shots
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03-17-2017, 07:54 AM
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#6
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Senior Member
Join Date: Apr 2015
Location: Michigan
Posts: 2,650
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Quote:
Originally Posted by Woodworker
When I found out about that it made me wonder if certain maintenance/upkeep like tires etc could be itemized and deducted.
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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.
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03-17-2017, 09:22 AM
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#7
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Senior Member
Join Date: Aug 2016
Location: Denver
Posts: 1,580
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However, there are more deductions if you work, even part time out of it.
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2016 27BHS Elite
2012 F-150 EcoBoost / Max Tow (Sold)
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03-17-2017, 09:33 AM
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#8
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Senior Member
Join Date: Feb 2017
Location: Dallas
Posts: 4,281
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Use your home like an office an you can deduct a lot what I hear. Hey wait a minute, that's an idea. My 2nd home is also my second office, hmmm...... . Oh Mr. Tax man LOL
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03-17-2017, 12:52 PM
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#9
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Senior Member
Join Date: Oct 2016
Location: Lower Alabama
Posts: 1,482
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We were able to deduct the interest paid as a second home. We were also able to deduct the sales tax paid for the purchase according to our accountant.
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2018 Jayco Eagle HT 28.5 RSTS
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03-17-2017, 01:23 PM
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#10
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Senior Member
Join Date: Sep 2013
Location: South Texas
Posts: 7,207
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You may deduct the interest on a purchase loan, just like you would with any other second home or mortgage. You may also deduct any sales tax paid on purchase if your state collects sales tax on such a purchase. This deduction is available for other "major" purchases such as automobiles as well. Both are itemized deductions.
You cannot deduct any repairs, maintenance, etc. Just as you would not be able to deduct them on your personal residence. Be careful with Business Use of Home deductions on an RV, especially depreciation; you may have to "recapture" those at the time the RV is sold.
There is some argument as to whether a solar installation on your RV qualifies for the energy credit, consult your CPA on this one.
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-2014 Jay Flight 28BHBE & Ram 2500 6.4L CC 4x4 (sold)
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03-17-2017, 01:36 PM
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#11
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Senior Member
Join Date: Feb 2017
Location: Dallas
Posts: 4,281
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Good to know about the sales tax. An just kiddin about home office use, I wouldn't have enough nerve to to try it with my own home even if I owned my own business. My luck ain't that good
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Tight Lines and accurate shots
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03-17-2017, 01:42 PM
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#12
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Senior Member
Join Date: May 2012
Location: Minnesota
Posts: 9,739
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I think the consensus is yes. Our Tax man wrote it off our interest. I do not recall the sales tax portion, that was to long ago.
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03-17-2017, 02:44 PM
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#13
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Senior Member
Join Date: Dec 2012
Location: NW AR (God's Country)
Posts: 2,051
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Quote:
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.
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I would say, if you pay cash you are in luck
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Skip
2012 Eagle Super Lite HT 26.5RKS
2005 GMC 2500 SLT HD D/A
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03-17-2017, 04:24 PM
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#14
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Site Team
Join Date: Jan 2011
Location: James Island, SC
Posts: 22,771
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I am sure you can if you itemize deductions.
In our state it is also considered a 2nd home for personal property tax purposes.
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2011- 351RLTS Eagle, MorRyde suspension/pin box,
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03-17-2017, 04:33 PM
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#15
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Senior Member
Join Date: Dec 2010
Location: Wheatfield, New York
Posts: 1,069
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Quote:
Originally Posted by troutslayer
I would say, if you pay cash you are in luck
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Cash, yes, because you're not paying the interest to begin with. You'll get only part of it back by deducting it.
But if you're taking money out of investments in order to pay cash be careful. It's possible your investments are making more money than your interest payments minus the deduction. Lots of math to do!
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2009 Jayco Jay Feather 17C 130W Solar, 2021 F150 2.7L Eco Boost, 2021 Toyota Highlander
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03-17-2017, 04:46 PM
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#16
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Senior Member
Join Date: Sep 2010
Location: New York
Posts: 2,210
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I would consult a tax specialist on this one as your situation might be different than others. There are deductions for second home and it is only interest and it must have a bathroom is my understanding of the deduction. This is also a red flag item for audit so I would consult someone on it.
That being said I have been claiming a 2nd home for years with TS, Boats and RV's whichever was the most for that year. Only one though.
Just my 2 cents and not professional advice.
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03-17-2017, 07:57 PM
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#17
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Senior Member
Join Date: Oct 2014
Location: Dunnellon
Posts: 241
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How does that work for a full timer who does not have a house or primary residence, can I still claim the interest?
2015 Jayco Pinnacle FLSA & 2008 Chevy Duramax
Anxiously awaiting retirement where I have been told everyday is a Saturday
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2018 Jayco Pinnacle SPQS & 2008 Chevy Duramax Dually
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03-17-2017, 09:58 PM
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#18
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Senior Member
Join Date: Jun 2016
Location: Tooele
Posts: 187
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Here ya go from the turbo tax website!
Living at home doesn't necessarily mean you have to be tethered to one place. For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.
Hope that helps.
https://turbotax.intuit.com/tax-tool.../INF29359.html
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Patrick
HVAC Tech
2007 Dodge Ram 2500 6.7L Cummins
2016 Jayco Jay Flight Elite 27BHS
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03-18-2017, 02:19 PM
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#19
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Senior Member
Join Date: Dec 2012
Location: NW AR (God's Country)
Posts: 2,051
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Quote:
Originally Posted by Isaacs
But if you're taking money out of investments in order to pay cash be careful. It's possible your investments are making more money than your interest payments minus the deduction. Lots of math to do!
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"possible", yes but only if you can predict the future.
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Skip
2012 Eagle Super Lite HT 26.5RKS
2005 GMC 2500 SLT HD D/A
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03-20-2017, 04:30 AM
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#20
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Senior Member
Join Date: Oct 2014
Location: Dunnellon
Posts: 241
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Quote:
Originally Posted by Sunflake
Here ya go from the turbo tax website!
Living at home doesn't necessarily mean you have to be tethered to one place. For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.
Hope that helps.
https://turbotax.intuit.com/tax-tool.../INF29359.html
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Thx Sunflake!
2015 Jayco Pinnacle FLSA & 2008 Chevy Duramax
Anxiously awaiting retirement where I have been told everyday is a Saturday
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2018 Jayco Pinnacle SPQS & 2008 Chevy Duramax Dually
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