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Old 12-29-2015, 04:45 PM   #1
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Tax write off?

Ok, fairly newbie here, and before I ask my, by the book, accountant does any one know the answer to my question ? We reside in NC. Unfortunately, we do have a little note on our coach. I was thinking that since the coach is like s vacation home that we spend many nights in, we should be able to write off the interest????
Any comments will be appreciated.

And,,,, Happy New Year!!


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Old 12-29-2015, 04:52 PM   #2
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Quote:
Originally Posted by cdinatl View Post
Ok, fairly newbie here, and before I ask my, by the book, accountant does any one know the answer to my question ? We reside in NC. Unfortunately, we do have a little note on our coach. I was thinking that since the coach is like s vacation home that we spend many nights in, we should be able to write off the interest????
Any comments will be appreciated.

And,,,, Happy New Year!!


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Old 12-29-2015, 05:06 PM   #3
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X2 -- would be an itemized deduction just like the mortgage on your S&B.

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Old 12-29-2015, 05:47 PM   #4
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Yes you can deduct your RV interest, if you itemize.
There are some IRS conditions you must meet:
1) you can't deduct another 2nd home interest
2) your RV loan must be "secured" by the RV itself. ie: they have the right to repo the RV for non-payment.
3) the RV must be fully self contained, including sleeping, cooking and toilet features.

IRS publication 836 will spell it all out
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Old 12-29-2015, 06:40 PM   #5
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Thank you all for your quick response. I'd rather go loaded to my accountant, whom has kept me out of prison, with a lay down deduction. You guys are the best!


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Old 12-29-2015, 06:56 PM   #6
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Tax write off?

Don't know about NC but here to your south need to register the motor home as a second home and not as a vehicle. Also gets us a 4% break on the tax rate.

Not real sure how much one saves on taxes.
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Old 12-29-2015, 07:01 PM   #7
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Question

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Originally Posted by Jim2 View Post
Yes you can deduct your RV interest, if you itemize.
There are some IRS conditions you must meet:
1) you can't deduct another 2nd home interest
2) your RV loan must be "secured" by the RV itself. ie: they have the right to repo the RV for non-payment.
3) the RV must be fully self contained, including sleeping, cooking and toilet features.

IRS publication 836 will spell it all out
I could not find that publication... I did find Publication 936, 2014 Home
Mortgage Interest Deduction. If there is a newer Publication and it is Publication 836. where might I find it?
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Old 12-29-2015, 07:42 PM   #8
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ooops, typo , yes its 936
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Old 12-30-2015, 01:24 AM   #9
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Don't know about NC but here to your south need to register the motor home as a second home and not as a vehicle. Also gets us a 4% break on the tax rate.

Not real sure how much one saves on taxes.

How do you "register as a second home?"
I live in Aiken County SC and see no way to get a license plate other than as a Motorhome and the tax people are sure not giving me any break on PPT. Won't be any problem with IRS and second home interest.
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Old 12-30-2015, 12:11 PM   #10
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How do you "register as a second home?"
I live in Aiken County SC and see no way to get a license plate other than as a Motorhome and the tax people are sure not giving me any break on PPT. Won't be any problem with IRS and second home interest.
You license it as a Motorhome. You deduct the interest paid with the I.R.S.
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Old 12-30-2015, 12:17 PM   #11
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Post I.R.S. Publication 936

Attached is the I.R.S. Publication 936. It's on Tax deductions on a 2nd Home (Motorhome, 5th Wheel, T.T.) Enjoy!

I found this statement on the internet:

"The interest on an RV can be used as an itemized deduction on Schedule A as a second home if it has sleeping, cooking and toilet facilities. However, local law must allow for such use. For example if overnight sleeping in an RV is prohibited in your area, you could not take the deduction."

"If your accountant isn't aware of this I would suggest you look for a new accountant at least for your tax return preparation. If you don't want to do that refer him to IRS Pub 936, page 2, Qualified Home."
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Old 12-30-2015, 12:27 PM   #12
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Originally Posted by Maverick50 View Post
Attached is the I.R.S. Publication 936. It's on Tax deductions on a 2nd Home (Motorhome, 5th Wheel, T.T.) Enjoy!

I found this statement on the internet:

"The interest on an RV can be used as an itemized deduction on Schedule A as a second home if it has sleeping, cooking and toilet facilities. However, local law must allow for such use. For example if overnight sleeping in an RV is prohibited in your area, you could not take the deduction."

"If your accountant isn't aware of this I would suggest you look for a new accountant at least for your tax return preparation. If you don't want to do that refer him to IRS Pub 936, page 2, Qualified Home."
I've never heard of that "rule". I'm reading the publication and it's not on page 1, 2, 3, or 4 and page 4 does say "You do not have to use the home during the year. "
So far I have seen nothing that backs up the internet statement posted by Maverick50.
I am NOT a tax expert, but I've been deducting the interest for as long as I can remember on various RV's
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Old 12-30-2015, 01:09 PM   #13
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I've never heard of that "rule". I'm reading the publication and it's not on page 1, 2, 3, or 4 and page 4 does say "You do not have to use the home during the year. "
So far I have seen nothing that backs up the internet statement posted by Maverick50.
I am NOT a tax expert, but I've been deducting the interest for as long as I can remember on various RV's
Keep in mind that Maverick50 stated: "I found this statement on the internet"
I hope he isn't one of those that thinks that "if it's on the internet, it must be true" folks.
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Old 12-30-2015, 01:17 PM   #14
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That statement was made by a mis-informed poster as part of an internet forum discussion about using an RV as a residence on owned land. They were correct that many jurisdictions prevent using an RV as a residence on undeveloped land. However they were completely wrong in assuming that had any effect on the RV loan interest being deductible. The deduction of RV interest has nothing to do with where you used it or whether you used it at all during the year. You won't find anything in Pub 936 that says anything about where or how much you used your 2nd home RV. In fact it says just the opposite, as pointed out above,
"You do not have to use the home during the year. "
Unfortunately everything you read on the internet isn't true, especially on public forums.

"However, local law must allow for such use. For example if overnight sleeping in an RV is prohibited in your area, you could not take the deduction."
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