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11-20-2017, 08:03 PM
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#1
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Potential new tax code
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. :(
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11-20-2017, 08:12 PM
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#2
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Senior Member
Join Date: Feb 2013
Location: Graham, WA
Posts: 773
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Consider refinancing the sb and pay cash.
__________________
2006 Gulfstream Friendship G7, Cat C7 and Allison 6 spd
Honda VTX and Cruiser Lift on the back
Blue Ox Aladdin, Brake Buddy, 2019 Chevy Blazer RS toad
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11-20-2017, 08:13 PM
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#3
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Senior Member
Join Date: Mar 2012
Location: Waco, TX
Posts: 274
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Not a driver in decision
__________________
2017 Newmar Ventana 4037, 2010 Chevy Equinox LTZ
Roadmaster tow stuff, Winegard Trav'ler SWM/DirecTV 
2+2 USAF Retired, 2IDGITS
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11-20-2017, 08:15 PM
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#4
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Sb?
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11-20-2017, 08:19 PM
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#5
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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It will keep a lot of people from buying a house, let alone an RV.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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11-20-2017, 08:22 PM
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#6
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by Mr_D
It will keep a lot of people from buying a house, let alone an RV.
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Very true, at least a second home.
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11-20-2017, 08:24 PM
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#7
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Community Moderator
Newmar Owners Club
Join Date: Feb 2011
Location: Point Pleasant Beach, NJ
Posts: 31,510
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Quote:
Originally Posted by micbob4
Sb?
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Sticks & bricks. A regular house.
__________________
Tony & Ruth........... FMCA#F416727
2016 London Aire 4519, Freightliner chassis, Cummins ISX, 2018 Jeep Wrangler Unlimited, Blue Ox Avail with AF1. TST 507 TPMS
No amount of money can buy you an extra second of time.
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11-20-2017, 08:25 PM
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#8
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Senior Member
Tiffin Owners Club
Join Date: Mar 2015
Location: Southern NM
Posts: 2,514
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Your standard deduction doubles
__________________
2005 Tiffin Allegro Bay 37DB
W22 Workhorse Chassis 8.1 Flat Towing a 82 Jeep CJ7
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11-20-2017, 08:32 PM
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#9
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by TonyDi
Sticks & bricks. A regular house.
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This maybe my best option
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11-20-2017, 08:42 PM
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#10
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Senior Member
Newmar Owners Club Freightliner Owners Club
Join Date: May 2008
Location: San Francisco Bay Area, CA
Posts: 582
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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.
__________________
Bruce & Dan
2017 Ventana LE 3412; 2010 CR-V Toad
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11-20-2017, 09:16 PM
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#11
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Senior Member
Monaco Owners Club Workhorse Chassis Owner
Join Date: Aug 2002
Location: Clovis, CA, USA
Posts: 13,138
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Wait until the bill is signed into law by the president before you get too upset.
__________________
2004 Monaco La Palma 36DBD, W22, 8.1, 7.1 MPG
2000 LEXUS RX300 FWD 22MPG 4020 LBS
Criticism is easier than Craftsmanship
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11-20-2017, 09:35 PM
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#12
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Senior Member
Newmar Owners Club Spartan Chassis
Join Date: Aug 2015
Location: Northwest Washington State or Western Montana, depending on the season.
Posts: 3,473
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Quote:
Originally Posted by CJ7365
Your standard deduction doubles
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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!
__________________
Jim (W7DHC), Diane & Mini Schnauzers, Lizzy & Ellie
2018 Mountain Aire 4047
2014 Honda CR-V 2020 Lincoln Nautilus "toad" w/AF1
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11-20-2017, 11:22 PM
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#13
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Senior Member
Join Date: Nov 2015
Posts: 26,818
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Until ANY changes are actually signed into LAW it is all just Blah, Blah, Blah
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I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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11-20-2017, 11:33 PM
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#14
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Senior Member
Join Date: Jun 2005
Posts: 1,434
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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!
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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.
__________________
2018 Newmar Bay Star 3113 - "Chewie"
2014 Jeep Wrangler Unlimited Rubicon - "Battle Born"
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