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Old 01-03-2014, 07:49 AM   #15
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I was told (for what it's worth) by my tax preparer, that if deduct your RV and get audited, you will have to prove you lived in it for at least 6 months and 1 day. But, I have a few friends that have deducted their S&B and RV for years. So evidently it does not raise any red flags...
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Old 01-03-2014, 08:13 AM   #16
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We tax professionals hear all kinds of stuff from our clients about someone told me this or that. It is astounding what I hear sometimes. In any case, there has already been one professional give the answer to this and he was right!

You are allowed to deduct a principal home mortgage and one second mortgage (subject to IRS limitations: $1 million (MFJ) on acquisition debt and $100,000 on home equity debt). So if you take your principal S&B home, you can take the interest paid on one other property and RV's qualify. RV loan companies do not issue 1098 Forms (you should get those only for real property houses) so you must report RV interest paid on Schedule A on a separate line provided. You must list the name, address and Federal ID number as well as the interest paid. Most RV loan companies provide you with their ID number and info and a total interest paid form but it is NOT a Form 1098.

The key here is that you can take mortgage interest on only ONE other property. If you have a principal residence, a vacation house and an RV then you must choose which you want to take, not both. You deduct the principal residence interest and the higher interest paid whether it is the vacation home OR the RV. If you deduct your interest on the right line of Schedule A for your RV, most times you will not get an inquiry from the IRS. But even if you do, all you have to do is respond that it is an RV and provide a copy of the interest paid statement from the RV loan company and the IRS accepts it.

State tax law may vary so check with your tax professional regarding State law. Most do allow the deduction.

There are a lot of tax preparers out there who are not true tax professionals. Professionals must attend continuing education classes, report to State Boards and get licenses. The IRS is in the process of trying to weed out the bad and the start has been to require tax preparers to obtain PTIN numbers (register) and take required tests. Choose carefully because this is your money you are talking about!
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Old 01-03-2014, 09:06 AM   #17
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To add to what Mel said, our tax laws are among the most complex pieces of legislation ever constructed, and yes, the new health care law is tied into our tax law as an example. Make sure you get proper tax guidance. Even many of the tax preparation chains have some less than knowledgeable folks preparing returns. As CPA's we are required to take 40 hours of continuing education per year. Many of the so called tax preparers out there have no formal training and the work shows. We joke that one local chain is a great source of business for us when we have to amend their prior year returns for errors.

As has been stated earlier, it is your money and you are responsible for what is on the return, so be careful and get good advice.
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Old 01-03-2014, 08:22 PM   #18
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We also live in Pa. For the last 12 years we deducted our RV interest. The first two years the IRS questioned the interest and I replied that the RV was used as a second home. No more questions and I now include the words "RV is second home" on same line as interest.


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Originally Posted by jrsmustang View Post
I have heard two things (I live in PA):

- RV loan interest payments are not tax deductible because the RV is mobile (from my tax preparer)
- RV loan interest payments are tax deductible as the RV has a bathroom (from an acquaintance who works for the IRS and is an RVer)

I would appreciate any definitive knowledge anyone might have to offer on this topic.

Thanks!
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Old 01-03-2014, 08:40 PM   #19
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Our RV is a second home and we do write off interest. deSanford
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Old 01-03-2014, 09:06 PM   #20
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Quote:
Originally Posted by Melmoses View Post
You are allowed to deduct a principal home mortgage and one second mortgage (subject to IRS limitations: $1 million (MFJ) on acquisition debt and $100,000 on home equity debt).
First, I am NOT a tax professional an I did NOT stay in a Holiday Inn Express last night.

My informal research suggests that the above is accurate information.

One word of caution...beware of Alternative Minimum Tax (AMT). IF you're required to compute an AMT, the interest deduction for your RV is NOT deductible in the AMT computation.

Beware the AMT.

If a REAL tax professional would like to comment, please do.

Take care,
Stu
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Old 01-03-2014, 09:13 PM   #21
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AMT is a four letter word...sometimes preceded by a certain bovine word.
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Old 01-03-2014, 09:37 PM   #22
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Quote:
Originally Posted by Chiefbvfd View Post
I was told (for what it's worth) by my tax preparer, that if deduct your RV and get audited, you will have to prove you lived in it for at least 6 months and 1 day. But, I have a few friends that have deducted their S&B and RV for years. So evidently it does not raise any red flags...
Wow. I would sure be looking for a new "tax preparer" ASAP. What would he say about deducting the interest on a vacation cabin at the lake?

I'm not sure I understand all of the comments about which state might be involved.

Aren't we talking about the deductability of "RV Loan Interest"? I'd assumed this referred to being able to deduct RV Loan Interest on federal tax returns.

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Old 01-04-2014, 06:41 AM   #23
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Rick, the RV interest deduction applies to the Federal return. Each state has separate rules regarding itemized deductions. Some states have a flat tax with no deductions and others have very liberal rules for what can be deducted. You would have to check with the state rules for your state. On the federal return the deduction is allowed.
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Old 01-04-2014, 07:25 AM   #24
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Our tax guy used to always give us that deduction.
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Old 01-04-2014, 07:28 AM   #25
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Yes it's deductible, I have been questioned by the IRS twice I told them what it was no problem.
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Old 01-05-2014, 01:54 PM   #26
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Thanks everyone for your inputs. I really appreciate your knowledge and help.

Happy New Year 2014!
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