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Old 03-07-2015, 08:00 AM   #1
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RV's and Taxes

I've seen some posts that are more than a little bit off the mark about taxes so I thought I'd put a couple of things out there that may be helpful for our fellow RVers.

If you itemize deductions you can take RV interest. It goes on line 11 as other interest and you should put down to whom it was paid and add the notation RV interest. As long as the RV has kitchen and bathroom facilities, it will count as a second home. If you already have a second home you'll have to decide which one to take the interest on. There is a limit on the principal of $1,000,000 but I would think that if you are capable of borrowing that much for an RV you probably aren't doing your own taxes.

If you bought an RV or a tow vehicle this year you can take the sales tax you paid. You'll get the greater of your sales tax or your state income tax. You can take the tax you paid on the vehicle(s) plus the amount from the sales tax charts.

If you paid for solar panels on your unit this year, you can take the cost of the solar panels and installation for the energy tax credit. A tax credit is dollar for dollar against your tax liability so it can amount to more than just a few bucks.

I hope this helps you and maybe saves a few folks some dollars to use at the pumps and campgrounds.

Ed
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Old 03-07-2015, 12:36 PM   #2
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If you bought an RV or a tow vehicle this year you can take the sales tax you paid. You'll get the greater of your sales tax or your state income tax. You can take the tax you paid on the vehicle(s) plus the amount from the sales tax charts.


ED


Do you know if this will apply to 2015 taxes?
Thanks for your input.
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Old 03-07-2015, 12:47 PM   #3
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It's really hard to say what 2015 will bring for tax legislation. They didn't pass the 2014 law until late in December so it really makes it hard to plan. I'm going to guess, and this is a real guess, that they will reinstate the sales tax deduction for 2015. Sadly, we probably won't know until sometime late in the year.
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Old 03-07-2015, 12:59 PM   #4
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Thanks
I can only get enough deduction to itemize every other year (juggle property tax payments) and as WA has no income tax I can use the sales tax deduction to my advantage. This would be a good year to replace the Toad. Maybe I should wait till year end and get a 2016 Model.


Thanks again
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Old 03-08-2015, 12:56 AM   #5
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Ed.....thanks for the post. There is always so much bad information each year. We bought a new coach in 2014 and California gets 8%. This was the second time in ten years I was able to claim above the standard deduction. It took some of the hurt out of it.
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Old 03-08-2015, 12:37 PM   #6
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Ed.....thanks for the post. There is always so much bad information each year. We bought a new coach in 2014 and California gets 8%. This was the second time in ten years I was able to claim above the standard deduction. It took some of the hurt out of it.

That sales tax deduction can be a huge help if you buy a big ticket item or you live in a no income tax like Texas or Florida. If we make the move this year the sales tax will probably be somewhere north of $14,000 so I'm really hoping the deduction comes back for 2015.

The one that surprised me when someone brought it up was the solar panel credit. The fact that it's a credit, not an itemized deduction, makes it really sweet.
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Old 03-10-2015, 09:09 AM   #7
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Ed... Thank you so much for the "free" tax help..

I have a question regarding your "tow" vehicle comment...

If I purchase a trailer, would I be able to deduct the tax on that?
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Old 03-10-2015, 09:19 AM   #8
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Taxman,
Thanks for passing the info on regarding the sales tax. I was getting concerned last fall that congress would not get the change made. Considering I paid nearly $27,000 in sales tax on my coach, it would have been a big hit. Meant nearly an $8500 differance.
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Old 03-10-2015, 09:23 AM   #9
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Ed... Thank you so much for the "free" tax help..

I have a question regarding your "tow" vehicle comment...

If I purchase a trailer, would I be able to deduct the tax on that?
Taxman will probably clear it up, however, I am not sure that you can deduct a trailer. I believe it has to be a motor vehicle of some sort or a boat. If you use the actual sales tax paid method, you would be able to deduct it. However, that requires that you keep records of all you sales tax paid for the year. Quite a pain.
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Old 03-10-2015, 10:44 AM   #10
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Taxman will probably clear it up, however, I am not sure that you can deduct a trailer. I believe it has to be a motor vehicle of some sort or a boat. If you use the actual sales tax paid method, you would be able to deduct it. However, that requires that you keep records of all you sales tax paid for the year. Quite a pain.
Ralph, I think you may be confusing the second home interest deduction which requires that the second home have a kitchen and bathroom. There is no real requirement that sales tax can only be added if the item has an engine or is motorized.

We have used the sales tax paid on any big ticket items such as trailers, cars, RV's, boats, and even the sales tax paid on materials used for home additions or new home construction. We take the sales tax on the big ticket items and add to it the table amount. We have never had the sales tax deduction questioned, but, of course that doesn't mean it can't or won't be questioned.

We do have some clients who save each and every receipt and then give us the total sales tax they paid which is always well over the table amount the IRS has published. It may save a few bucks but that would be one giant bookkeeping task to say the least.

Ed
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