Community Forums

micbob4 · 11-20-2017, 08:03 PM

For the ones not paying cash for their RV how concerned are you about possible removal of second home tax deduction? Part of our decision making process on purchasing RV was the deduction. We will not finish purchase until June 2018 when we take delivery. This has us questioning purchase. :(

Dennis4809 · 11-20-2017, 08:12 PM

Consider refinancing the sb and pay cash.

bobsharon · 11-20-2017, 08:13 PM

Not a driver in decision

micbob4 · 11-20-2017, 08:15 PM

Sb?

Mr_D · 11-20-2017, 08:19 PM

It will keep a lot of people from buying a house, let alone an RV.

micbob4 · 11-20-2017, 08:22 PM

Quote:

Originally Posted by Mr_D

It will keep a lot of people from buying a house, let alone an RV.

Very true, at least a second home.

**TonyDi** · 11-20-2017, 08:24 PM

Quote:

Originally Posted by micbob4

Sb?

Sticks & bricks. A regular house.

CJ7365 · 11-20-2017, 08:25 PM

Your standard deduction doubles

micbob4 · 11-20-2017, 08:32 PM

Quote:

Originally Posted by TonyDi

Sticks & bricks. A regular house.

This maybe my best option

brucemcdou · 11-20-2017, 08:42 PM

The deduction for second home, including an RV, has long been capped or not available for those of us subject to AMT or Alternative Minimum Tax. Since the current tax proposals eliminate the AMT the elimination of second home mortgage deduction just keeps a level playing field.

Ideally tax law should not impact purchase or investment decisions.

Arch Hoagland · 11-20-2017, 09:16 PM

Wait until the bill is signed into law by the president before you get too upset.

Tranquil Jim · 11-20-2017, 09:35 PM

Quote:

Originally Posted by CJ7365

Your standard deduction doubles

That doesn't help if your itemized deductions are substantial under the old rules. You don't get both a doubled standard deduction and itemized deductions; just one or the other.

A lot of people will still be better off itemizing, but will end up with far fewer deductions than they had before the "tax reform." That means they'll pay more in taxes, not less as claimed.

Just another political smoke and mirrors job!

Old-Biscuit · 11-20-2017, 11:22 PM

Until ANY changes are actually signed into LAW it is all just Blah, Blah, Blah

Dan McMartin · 11-20-2017, 11:33 PM

Quote:

Originally Posted by Tranquil Jim

That doesn't help if your itemized deductions are substantial under the old rules. You don't get both a doubled standard deduction and itemized deductions; just one or the other.

A lot of people will still be better off itemizing, but will end up with far fewer deductions than they had before the "tax reform." That means they'll pay more in taxes, not less as claimed.

Just another political smoke and mirrors job!

True but you'd have to reach that doubled standard deduction to itemize meaning you'd have twice as many deductions that required now. You still get the value of the doubled deduction plus any deductions above that amount. Six of one and half dozen of the other.

And I don't think it will limit home or RV sales. I doubt most of us are buying homes and RV's for the tax deduction. And those of us without a mortgage deduction will get the higher standard deduction.

And, until the bill is signed this is all conjecture and guess work. I know three things for sure. They'll get you coming. They'll get you going. It will be far more complicated than it needs to be.