 |
|
01-31-2018, 06:37 PM
|
#1
|
|
Senior Member
Join Date: Aug 2017
Posts: 249
|
Motorhome as a 2nd Home
I purchased my motorhome in early 2017. My tax person so I can't deduct the interest UNLESS my motorhome was financed as a mortgage and the Interest statement the bank sent out to me clearly states "MORTGAGE INTEREST". mine does not specifically say MORTGAGE Interest.
Anybody have suggestions about writing off the interest.
__________________
Ted and Debbie
2008 Mandalay Coach Presidio 400
USMC VET
|
|
|
 |
Join the #1 RV Forum Today - It's Totally Free!
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
|
|
01-31-2018, 06:43 PM
|
#2
|
|
Senior Member
Forest River Owners Club Ford Super Duty Owner
Join Date: Mar 2005
Location: San Diego County, California
Posts: 875
|
Thinking you need a new tax guy! I took off my motor home interest pmt every year on our taxes! My loan company sent out a statement that I used every year! You actually keep the statement for your records and only show it on the tax documents! A 20 year Motorhome loan should be tax decidable...and I did so for years! Do it...you will be OK
__________________
Steve & Leslie
Forest River 2018 Forester 3011DS
Honda 2010 CR-V AWD "Toad"
|
|
|
|
|
01-31-2018, 06:46 PM
|
#3
|
|
Senior Member
Join Date: Oct 2010
Location: Warren County, NJ
Posts: 1,354
|
I would find another accountant. We (had) a ten year loan on ours. Around this time of year the bank would send a statement showing interest paid. I handed that over to our accountant and no problems.
If you do not have the statement yet call your loan originator to receive a copy.
The RV must have a permanently installed toilet to qualify. So no small popups with just a portable potty.
Good luck.
__________________
Gene & Ginger
2019 Chevy Express 3000 6.0L
2024 Grand Design Imagine 2600RB
|
|
|
|
|
01-31-2018, 07:01 PM
|
#4
|
|
Senior Member
Join Date: Jun 2017
Posts: 2,807
|
Tell your "tax person" to read the tax law. There are "qualifications" that make your second home's loan interest tax deductible, none of them have to do with the type of loan, they all have to do with the accommodations of the second home.
I have deducted RV and sailboat loan interest for decades.
|
|
|
|
|
01-31-2018, 07:07 PM
|
#5
|
|
Senior Member
Join Date: Oct 2010
Location: Warren County, NJ
Posts: 1,354
|
Motorhome as a 2nd Home
Quote:
Originally Posted by tfryman
Tell your "tax person" to read the tax law. There are "qualifications" that make your second home's loan interest tax deductible, none of them have to do with the type of loan, they all have to do with the accommodations of the second home.
I have deducted RV and sailboat loan interest for decades.
|
From my understanding you can only have one .. second home. So either the boat or RV, not both.
__________________
Gene & Ginger
2019 Chevy Express 3000 6.0L
2024 Grand Design Imagine 2600RB
|
|
|
|
|
01-31-2018, 07:15 PM
|
#6
|
|
Senior Member
Country Coach Owners Club
Join Date: Dec 2010
Posts: 7,801
|
Quote:
Originally Posted by Bug512
From my understanding you can only have one .. second home. So either the boar or RV, not both.
|
Where did the "boar" come from?
Yes, it is true that you can only deduct one second home. Your motorhome qualifies as a second home.
Find a new tax guy
__________________
Don
2002 Country Coach Intrigue
|
|
|
|
01-31-2018, 07:22 PM
|
#7
|
|
Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
|
Tax guy. Wrong...
__________________
Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
|
|
|
|
|
01-31-2018, 07:22 PM
|
#8
|
|
Senior Member
Join Date: Oct 2010
Location: Warren County, NJ
Posts: 1,354
|
Then again if you save and pay with cash no need to worry about this. #daveramsey
__________________
Gene & Ginger
2019 Chevy Express 3000 6.0L
2024 Grand Design Imagine 2600RB
|
|
|
|
|
01-31-2018, 07:30 PM
|
#9
|
|
Senior Member
Thor Owners Club Ford Super Duty Owner
Join Date: Jul 2011
Posts: 3,795
|
IRS Publication 936 (2017) provides guidance. Page 4 lists a "Qualified Home" as - "A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities". There are limitations and such so read the entire publication to ensure your rig qualifies.
Page 3 has a line that I'm not sure about concerning how they define Secure Debt. In particular - "Is recorded or is otherwise perfected under any state or local law that applies". Does the DMV count as recorded?
When I had enough deductions to get me past the standard I deducted the interested. It wasn't much so I figured if I was ever audited the penalty wouldn't be too painful.
__________________
2006 Hurricane 31D built on a 2006 Ford F53
|
|
|
|
|
01-31-2018, 07:39 PM
|
#10
|
|
Senior Member
Join Date: Mar 2013
Posts: 168
|
Quote:
Originally Posted by krudawg
I purchased my motorhome in early 2017. My tax person so I can't deduct the interest UNLESS my motorhome was financed as a mortgage and the Interest statement the bank sent out to me clearly states "MORTGAGE INTEREST". mine does not specifically say MORTGAGE Interest.
Anybody have suggestions about writing off the interest.
|
Like others have said...RV's and boats qualify as a second home and is deductible. I'd be wondering what other deductions your "tax person" has been missing. Find someone else.
__________________
2000 HR Imperial 38 WDS
350 Cummins, Aero Muffler & AFE Filter
980 watt solar, 600 amp/hr LiFePo4, Victron
|
|
|
|
|
01-31-2018, 07:46 PM
|
#11
|
|
Senior Member
Monaco Owners Club
Join Date: Oct 2014
Location: Rigby, Idaho
Posts: 3,946
|
There are some limitations to the second home. I think it's gotta have a bathroom, a kitchen and sleeping accommodations. So, yeah, your tax guy's on crack.
__________________
Cheers,
TonyMac
2006 Monaco Safari Cheetah 40PMT
|
|
|
|
|
01-31-2018, 09:43 PM
|
#12
|
|
Senior Member
Join Date: Dec 2017
Location: Sacramento, California
Posts: 1,402
|
A fully self contained motor qualifies as a second residence. We wrote off our yacht for years because it fell under the proper guidelines.
|
|
|
|
|
01-31-2018, 09:50 PM
|
#13
|
|
Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
|
Quote:
Originally Posted by Bug512
Then again if you save and pay with cash no need to worry about this. #daveramsey
|
Why should I take money out of an annuity that pays me 7% to pay off a 5% loan. That 7% is more than my monthly payments plus insurance on the stick house, MH and two cars and some left over for the stick house property taxes.
__________________
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
|
|
|
|
|
02-01-2018, 03:53 AM
|
#14
|
|
Senior Member
Join Date: Oct 2010
Location: Warren County, NJ
Posts: 1,354
|
Quote:
Originally Posted by Mr_D
Why should I take money out of an annuity that pays me 7% to pay off a 5% loan. That 7% is more than my monthly payments plus insurance on the stick house, MH and two cars and some left over for the stick house property taxes.
|
__________________
Gene & Ginger
2019 Chevy Express 3000 6.0L
2024 Grand Design Imagine 2600RB
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linear Mode
