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Old 02-03-2016, 07:49 PM   #1
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New travel trailer is my only owned home. Can I claim it on income taxes?

We don't own a home, other than the travel trailer. We live in a rent-free family home, and keep the trailer on the property.

Well, doing our taxes, we are having to pay a BUNCH!

So, when TurboTax asks "did you purchase a home this year?" can I say YES?

And get a deduction?

We are going full time in 4 months, not sure if that makes a difference...
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Old 02-03-2016, 07:54 PM   #2
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The interest on a purchase loan, and sales tax are deductible.
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Old 02-03-2016, 07:56 PM   #3
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Originally Posted by scottandanna View Post
We don't own a home, other than the travel trailer. We live in a rent-free family home, and keep the trailer on the property.

Well, doing our taxes, we are having to pay a BUNCH!

So, when TurboTax asks "did you purchase a home this year?" can I say YES?

And get a deduction?

We are going full time in 4 months, not sure if that makes a difference...
What deduction are you looking for? You can deduct the interest on the trailer and, if you purchased it this year you can take the sales tax on the trailer if it exceeds the state income tax you paid. You can also take the real estate taxes on the property if you were the one who paid the taxes. That's about it.
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Old 02-03-2016, 09:43 PM   #4
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What deduction are you looking for? You can deduct the interest on the trailer and, if you purchased it this year you can take the sales tax on the trailer if it exceeds the state income tax you paid. You can also take the real estate taxes on the property if you were the one who paid the taxes. That's about it.
We don't have a state income tax in TX. But every little bit we can deduct will help.

When we purchased it, and told the finance lady that we had no other home that we owned, she told us to keep the paperwork and could claim it as our primary residence when we did our taxes.

So, I guess it never hurts to try. And see if TurboTax will let us enter it in as a home.

As for what deduction we are looking for??? Any. We normally get $1500 or so back each year, but this year we are paying $800. So anything to offset this will help.

That said...I "accidentally" made an extra 9000 this year, which put us into a higher tax bracket, and our withholdings didn't cover us for what we owed. I can afford to pay the $800, but would rather not if I can use the purchase of the new "home" to offset it.

Not trying to cheat uncle Sam, but if we are entitled to a break, I want to take advantage of it.
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Old 02-03-2016, 10:09 PM   #5
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it is your home

It doesn't matter whether its your primary or secondary home it only matters if you are paying a mortgage and you are paying interest and property taxes. You would have to justify to IRS that this is your home and not just a trailer you are riding around the country in. The only thing you can claim on a home is the interest and property taxes and that is only if you itemize and you can only itemize if you have more than the standard deduction which i think is 15,500 for this tax year. I have said all this to simply say, if you don't have more than 15,500 (married filing jointly) then you can't itemize so the interest and property taxes would do you no good. Most of us on this forum have a primary residence and the RV is our second home so we can use the interest and sales tax when we file our taxes. I use Turbo tax and this is their guidance on this question.
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Old 02-03-2016, 10:49 PM   #6
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we claim the bus as a second home and deduct the interest each year
easy as pie
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Old 02-04-2016, 09:52 AM   #7
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It sounds like you are thinking that the trailer as a home will entitle you to something special as a deduction. You can take the items stated prior but that's about it. There isn't anything additional you get for having a permanent residence other than mortgage interest and real estate taxes. It sounds like you will need to write a check.
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Old 02-05-2016, 12:48 PM   #8
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Read a rather memorable reply to similar question on this forum. Answer was "If you can cook in it, sleep in it, and poop in it, its a house."
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Old 02-05-2016, 12:53 PM   #9
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The interest on the loan and any sales tax can be deducted.
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Old 02-05-2016, 01:37 PM   #10
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The free advice given here is good. However, this is an RV-ing forum, not professional tax advice. If you're wanting guarantees on what you're looking to do, you should consult with & pay for a tax professional.

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Old 02-05-2016, 02:52 PM   #11
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The free advice given here is good. However, this is an RV-ing forum, not professional tax advice. If you're wanting guarantees on what you're looking to do, you should consult with & pay for a tax professional.

Lori-
This is one of the better pieces of advice given....
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Old 02-05-2016, 03:06 PM   #12
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wnytaxman is a tax professional. He just doesn't charge for the advise he provides on this forum.
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Old 02-05-2016, 03:14 PM   #13
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wnytaxman is a tax professional. He just doesn't charge for the advise he provides on this forum.
Thanks. I appreciate that. I can't help much with the mechanical questions but if I can help someone with the tax end I'm glad to add to the discussion. Although, I am going to add a disclaimer. Quite often my own clients don't tell me everything that I need to know and on an open forum like this the questions presented often lack a lot of detail which is understandable. If someone does have a complex issue they should seek professional help.

To give you an idea of clients not telling me everything....one of my clients called me and said he was getting calls from the IRS. I told him to ignore the calls as they were a scam. What he didn't tell me was that he had gotten three registered letters from the IRS before he got the phone calls. Yep, the calls were real and he was almost in a world of hurt.
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Old 02-05-2016, 05:52 PM   #14
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Meant no disrespect to wnytaxman. I just wouldn't come to an RV-ing forum for tax advice for the same reason I wouldn't ask advice on aquariums on a cooking forum....unless I wanted to know what wine to serve with my chocolate chip starfish (& yes there is such a thing ).

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