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Old 03-13-2013, 08:21 AM   #15
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Quote:
Originally Posted by CampDaven

I think I am smart. Maybe not smarter.
But I paid off everything and still have a nice egg, that is growing. I have been filing short form for many years, with appropriate schedules for cap gains, etc.
It did take over 40 years to get to this square, but I own it!
Just sayin....
Can almost make out your tail lights brother. We're not quite to the point of your "this time last year" post, and June 14 can't come fast enough. RV Mutants Rule #1 Protect and grow the nest egg. Rule #2 Don't carry debt. You need the space for important things. Rule #3 Plan your escape and escape your plans.
Keep smiling.
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Old 03-13-2013, 08:49 AM   #16
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Originally Posted by flaggship1 View Post

Can almost make out your tail lights brother. We're not quite to the point of your "this time last year" post, and June 14 can't come fast enough. RV Mutants Rule #1 Protect and grow the nest egg. Rule #2 Don't carry debt. You need the space for important things. Rule #3 Plan your escape and escape your plans.
Keep smiling.
Hay! You will escape your plans in about 3 months, my fellow RV Mutant.
If like me, you will smile as you sleep.
And those rules RULE!!!!
Most do not plan to fail, but many fail to plan.
I'll be the one not hurrying. Flash your lights at me.
Dave
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Old 03-13-2013, 09:53 AM   #17
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Originally Posted by CampDaven

Hay! You will escape your plans in about 3 months, my fellow RV Mutant.
If like me, you will smile as you sleep.
And those rules RULE!!!!
Most do not plan to fail, but many fail to plan.
I'll be the one not hurrying. Flash your lights at me.
Dave
Unfortunately it is 15 months - not 3. June 2014. My oops for drooping the 20 or '14. But what's time to a RV Mutant. We throw time around like it was biodegradable confetti.
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Old 03-13-2013, 10:01 AM   #18
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I have a loan with Essex (4.37%), and write it off as a second home. Keeps me in a lower TAX bracket. deSanford
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Old 03-13-2013, 06:00 PM   #19
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If you are retired, live on a fixed budget, file a short form, and have a nice nest egg, then less debt is the sensible course. If you're a working middle aged middle class family where the government is keeping nearly 40 cents of every dollar you work hard for, it's more about trying to make mortgage and car payments, enjoying a little r & r when you can, and saving for retirement on the other 60 cents...

For me that means keeping what I have saved in an investment / retirement account earning interest until I can retire, and borrowing money at historic low interest rates to buy the toys I want now. I can also deduct a good percentage of my payment to help get a little bit of that 40 cents back.
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Old 03-16-2013, 09:52 PM   #20
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Originally Posted by flaggship1 View Post

Unfortunately it is 15 months - not 3. June 2014. My oops for drooping the 20 or '14. But what's time to a RV Mutant. We throw time around like it was biodegradable confetti.
450 days is nuthin to a true RV Mutant!
But storing up a few lbs of confetti will help you pass the time.
I'm thinkin I need Texas lessons
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Old 03-16-2013, 10:15 PM   #21
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Unless you use your rig for business pursuits, then there are no tax deductions available to you.
Her in WA we pay sales tax on the vehicles, under Federal Law we can deduct the sales tax from Federal taxes.
Special provision that was made permanent this for this year rather than having to be renewed every year.
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Old 03-18-2013, 07:59 PM   #22
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Wow, what a great collection of misinformation. You can take the interest paid on an RV provided the RV has both kitchen and bathroom capabilities. To take the interest you must be able to itemize your deductions. The deduction is taken on Schedule A under "Other Interest" and you should show the name of the bank and the amount of the interest. Do not put the RV interest on the Mortgage Interest line as that is only for intrest reported to the IRS on form 1098. This deduction is available for 2012 returns and will still be avialable in 2013 unless the law is changed.

Sales tax is deductible as long as you itemize and your total sales tax is greater than your state income tax paid. The sales tax deduction will be for sales taxes paid on any vehicle purchase plus the sales tax from a table in the instructions.

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Old 03-18-2013, 08:22 PM   #23
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I know there have been several posts in the past on writing off interest on your rig for tax purposes. My question is having bought a new fiver and tow vehicle without financing what can I deduct from my taxes? Thanks in advance for any advice.
WNYtaxman, the question was what deductions can you take in the case where you pay for a new fiver and tow vehicle WITHOUT financing involved. I think most of us know what you can deduct with regards to the second home interest deduction WITH financing. As stated above by prior posters, you can in certain cases deduct the sales tax paid and if you use it for a business.
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Old 03-18-2013, 08:26 PM   #24
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Wow, what a great collection of misinformation. You can take the interest paid on an RV provided the RV has both kitchen and bathroom capabilities. To take the interest you must be able to itemize your deductions. The deduction is taken on Schedule A under "Other Interest" and you should show the name of the bank and the amount of the interest. Do not put the RV interest on the Mortgage Interest line as that is only for intrest reported to the IRS on form 1098. This deduction is available for 2012 returns and will still be avialable in 2013 unless the law is changed.
You may be a tax pro in NY, but your statement is in direct contradiction to the IRS instructions and every other document I've ever seen on this subject.

There is no requirement for the interest to be reported on a 1098 (though it usually is for a real property loan), and if the RV is a Qualified Home, the deduction goes as Home Mortgage Interest, not Other Interest.

Publication 936 (2012), Home Mortgage Interest Deduction
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Old 03-18-2013, 08:31 PM   #25
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Not surprising really. Study showed 50% of questions posed to the IRS were answered incorrectly. Don't expect much better from so-called experts.
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Old 03-18-2013, 08:36 PM   #26
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The other day I heard that 57% of all statistics are made up.
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Old 03-19-2013, 07:11 AM   #27
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You may be a tax pro in NY, but your statement is in direct contradiction to the IRS instructions and every other document I've ever seen on this subject.

There is no requirement for the interest to be reported on a 1098 (though it usually is for a real property loan), and if the RV is a Qualified Home, the deduction goes as Home Mortgage Interest, not Other Interest.

Publication 936 (2012), Home Mortgage Interest Deduction

Sorry Flying Driver, but you didn't read the publication correctly. Non-1098 interest is reported on line 11 as other interest. From experience I can tell you that if you put any non-1098 interest on the home mortgage line you will receive a notice from the IRS. Personally, I and my clients prefer not to receive notices from the IRS.

Home mortgage interest goes on the line for home mortgage interest and any deductible non-1098 interest goes on the other interest line. The form is set up that way for the IRS to check on those who like to make up numbers for their tax returns.
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Old 03-19-2013, 07:15 AM   #28
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WNYtaxman, the question was what deductions can you take in the case where you pay for a new fiver and tow vehicle WITHOUT financing involved. I think most of us know what you can deduct with regards to the second home interest deduction WITH financing. As stated above by prior posters, you can in certain cases deduct the sales tax paid and if you use it for a business.
Stevie, you can take the sales tax if you do not have a business use for the RV. The sales tax deduction is available to anyone who has incurred more in sales tax than their state income tax deduction.

If someone has a valid business use for an RV you can also take the depreciation, fuel, and any other expenses associated with that business usage. You have to make sure you can document the business usage as well as the costs incurred.

I hope that clarifies some of the tax ramifications of RV ownership. Now if I could just figure out a way to get the government to buy me a new Entegra....
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