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Old 07-18-2013, 06:54 PM   #1
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Are there any tax advantages/strateges

for owning a MH? Way back when I bought a large cabin cruiser (boat), I remember something about "second residence", etc. Just wondering.

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Old 07-18-2013, 07:06 PM   #2
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Originally Posted by roknjohn View Post
for owning a MH? Way back when I bought a large cabin cruiser (boat), I remember something about "second residence", etc. Just wondering.
Unless the IRS has changed recently, the INTREST (only) on an RV loan is deductible-if you itemize- same as a mortgage on a second house.

It won't make up for the deprecation loss, which is not deductible.

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Old 07-18-2013, 07:48 PM   #3
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An RV can be a second residence, just like a boat can be. What tax advantages there may be in that is up to your and your tax advisor...
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Old 07-18-2013, 08:49 PM   #4
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Yes there are certain tax advantages if you itemize deductions. As mentioned above you can deduct any interest expense since it meets the IRS requirements as a second home. Also if your state charges personal property taxes on the RV those are deductible.
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Old 07-18-2013, 10:13 PM   #5
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There are no advantages to taxes! lol
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Old 07-18-2013, 11:26 PM   #6
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I understand that an individual can use it as a second home with the usual tax benefit. But in luxury RV levels many have them through their company or private LLC. My question: is there a benefit in the depreciation equation on investment into equipment for your tax obligation of the LLC? Or is there any? I was thinking you could depreciate it out over 5 or 8 years. I'll find out when I set up my first LLC later this year. As a landscape artist my LLC can purchase it for me as a mobile studio so I'm just preparing to look into such issues.

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