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Old 07-27-2016, 10:17 AM   #1
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RV as a second home

We are about to sell our second home and buy a more expensive rv. Does this offer any tax advantages that someone could explain? I assume a 200,000 rv will have roughly 12k in sales tax in florida so can I write that off? We will nt be financing it so no "mortgage". Would love to hear my options and tips thx
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Old 07-27-2016, 11:32 AM   #2
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Don't know about Florida, but in TX you can take the sales tax off your federal income tax. Unless they have changed the rules, it can also be claimed as a second home - might not apply since it is not financed.
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Old 07-27-2016, 12:09 PM   #3
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Pretty much anything with a bathroom quaifies as seond home, which makes loan interest tax deductable. To be able to claim sales tax on vehicle purchase you would have to itemize deductions on filing. But not if take the std deductions on filing. Pretty hard for retireez with no debt, med or other quailfied deductions. But everybodies situation is different. There are ways to reduce sales tax due on RV purchase. good luck
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Old 07-27-2016, 12:16 PM   #4
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As mentioned above, if you itemize your federal, yes you can deduct the sales tax as a lump sum. I live in Florida and did exactly that.
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Old 07-27-2016, 12:31 PM   #5
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Since FL has no state income tax the sales tax can be deducted as well, but that has nothing to do with it being considered a second home. I also deducted the sales tax on my Jeep toad as well.

If you did get a loan it also qualifies as a second home so the loan interest can be deducted as mortgage interest on your federal return as well.
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Old 07-27-2016, 12:38 PM   #6
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Quote:
Originally Posted by jharrell View Post
Since FL has no state income tax the sales tax can be deducted as well, but that has nothing to do with it being considered a second home. I also deducted the sales tax on my Jeep toad as well.

If you did get a loan it also qualifies as a second home so the loan interest can be deducted as mortgage interest on your federal return as well.
Sorry, but whats that about ? Your state filing (where ever) has no effect on sale tax deduction on federal tax filing. Am I missing something, also a FL resident.
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Old 07-27-2016, 12:41 PM   #7
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There is no sales tax on the purchase of a home that I know of so that is never an issue of a federal tax deduction. I also didn't realize that that state sales tax on a vehicle could be a federal tax deduction.
If so I need to file an amended return for 2013.
Now interest paid on an RV loan as a second home is deductible.
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Old 07-27-2016, 12:41 PM   #8
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Sorry, but whats that about ? Your state filing (where ever) has no effect on sale tax deduction on federal tax filing. Am I missing something, also a FL resident.
You can either deduct your state income tax or sales tax but not both on the federal return. Since FL has no state income there is only one choice:

https://www.irs.gov/individuals/sale...ion-calculator
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Old 07-27-2016, 12:59 PM   #9
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Quote:
Originally Posted by jharrell View Post
You can either deduct your state income tax or sales tax but not both on the federal return. Since FL has no state income there is only one choice:

https://www.irs.gov/individuals/sale...ion-calculator
Having not had to file a state income return, other when worked in CA 30 yrs ago. I didn't know that about dual state and fed filing, regarding state tax/sales tax...Thanks, I learned something.
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Old 07-28-2016, 10:59 AM   #10
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Can you write off the registration?
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Old 07-28-2016, 12:11 PM   #11
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Sales tax can be written off if you itemize. As had been stated before you get the greater of your state income tax or the sales tax. You can take the table amount in the instructions plus the sales tax paid on your RV. This is a tax break that may be gone next year so this year is more of a year to buy for tax reasons.

As a side note you can have sales tax on a second home if you are your own general contractor and pay for your own material. That sales tax is also deductible. The same would be true for home improvements paid for on your principal residence.

Other deductions available for RV owners can be the personal property taxes paid on a rig and the interest paid on RV loans is also deductible. Just make sure you put it on the correct line and do not list it as mortgage interest.

One other item that many miss is the tax credit for solar panels on an RV. You will have to be able to delineate the price for the solar installation which may be on your invoice.

Generally no deduction is available on the RV registration unless there is some form of tax being paid with the registration.
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Old 07-28-2016, 12:13 PM   #12
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When you file your Federal income tax, the Feds basically concede that you spent "X" amount on taxes through the year and figure that into your deductions. This way you don't have to take out EVERY receipt and add up the tax you paid throughout the year.

If you buy something out of the ordinary, like an RV, or even an expensive car, it pushes you past the normal or general deduction the Feds gave you and you are allowed to claim it. I use Turbo Tax, where you plug in that additional amount and Turbo Tax calculates your additional savings.

Yes, your registration on all of your vehicles is tax deductible. If you look at your registration, it breaks down what part is deductible.
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Old 07-28-2016, 12:16 PM   #13
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Your motorhome can qualify as a second home.

Mortgage Interest (itemized deduction): You are allowed a mortgage interest deduction only a principal residence and one second home. If you already have a sticks & bricks and a second home, like a lake house for example, you will have to choose between the lake house mortgage interest and the motorhome mortgage interest but you can't take both.

Sales tax (itemized deduction): You choose the larger of State withholding taxes plus any balance due paid for the prior year OR sales tax from a table provided by the IRS for your State plus sales tax paid on large ticket items such as a motorhome, boat, car. Calculate both and choose the largest deduction. If your State has no income tax, then the sales tax deduction is the winner.

Tag taxes (itemized deduction): You can deduct the taxes only charged when you purchase vehicle tags. No fees are deductible. So if your tag receipt says fee and has no line for taxes, you get nothing for a deduction.

That's the sum total of potential deductions for your motorhome on your tax return. If you cannot itemize (take the standard deduction) then there is nothing deducted. Some people try to claim business use for their motorhomes to be able to deduct some of the costs. That is taking a very big risk and almost certain to be disallowed by the IRS.
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Old 07-28-2016, 12:34 PM   #14
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"wnytaxman"....I waited a day for you to respond and nothing, so I typed something, apparently at the same time. I figured you must still be finishing up tax season!

In California, the largest portion of our registration is deductible. My Newmar registration this year was $1600.00, If I recall, about $900.00 was deductible.
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