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Old 05-17-2010, 08:58 AM   #1
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Lost tax write-off by paying off rig...

We paid off our 2001 Alpine in 2007, however, since my husband uses it for work (hotel replacement), we have lost a business deduction that cost us an extra 15.3% in SS tax. I think we would come out better in the long run to finance it again. Has anyone dealt with this? Do banks finance things you've already paid for? Would love some of your expert knowledge. Thanks!
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Old 05-17-2010, 10:15 AM   #2
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How much did that cost in real dollars (not percentages)? How does that number compare to the interest you'll pay on the loan? Spending extra money to avoid tax is usually a net loss.

joe
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Old 05-17-2010, 11:29 AM   #3
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Does the 15.3% outweigh the interest you were spending on the coach? When we asked our tax guy if we should pay off the stick house or keep it as a deduction he said "it is like 2/3 to the bank or 1/3 to the government".
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Old 05-17-2010, 11:44 AM   #4
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you have to also remember the extra you pay on social security might increase your benefit payments down the road. as long as social security is still around. plus look at ALL the interets you are saving
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Old 05-17-2010, 12:10 PM   #5
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Talk to a Professional Tax Person and see if you can depreciate all or part of the value of the Motor home for Tax purposes. Then you get the deduction without the interest. You'll pay taxes when you sell it but it's easier with someone else’s money. If you sell when you’re making less money the tax will be less because of a lower bracket.

I'm not a Tax Expert but rental property can be done this way, and if you can there are advantages to it.
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