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Old 03-17-2017, 07:19 AM   #1
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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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Old 03-17-2017, 07:24 AM   #2
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We do. It's considered to be a 2nd residence.
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Old 03-17-2017, 07:25 AM   #3
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I do every year. Our interest last year was $1784.11.
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Old 03-17-2017, 07:29 AM   #4
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Using TurboTax, it is listed as deductible.

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Old 03-17-2017, 07:35 AM   #5
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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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Old 03-17-2017, 07:54 AM   #6
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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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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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Old 03-17-2017, 09:22 AM   #7
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However, there are more deductions if you work, even part time out of it.
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Old 03-17-2017, 09:33 AM   #8
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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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Old 03-17-2017, 12:52 PM   #9
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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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Old 03-17-2017, 01:23 PM   #10
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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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Old 03-17-2017, 01:36 PM   #11
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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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Old 03-17-2017, 01:42 PM   #12
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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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Old 03-17-2017, 02:44 PM   #13
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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.
I would say, if you pay cash you are in luck
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Old 03-17-2017, 04:24 PM   #14
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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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Old 03-17-2017, 04:33 PM   #15
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I would say, if you pay cash you are in luck
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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Old 03-17-2017, 04:46 PM   #16
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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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Old 03-17-2017, 07:57 PM   #17
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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?

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Old 03-17-2017, 09:58 PM   #18
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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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Old 03-18-2017, 02:19 PM   #19
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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!
"possible", yes but only if you can predict the future.
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Old 03-20-2017, 04:30 AM   #20
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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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