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Old 12-20-2012, 06:06 PM   #15
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Thank you very much! One final question - If you live in an apartment on the beach - and are not full time - and your RV interest on you brand new Prevost exceeds the standard deduction - can you deduct the interest on the Prevost?
Only if the principal on your loan is under $1 million.
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Old 12-21-2012, 11:12 PM   #16
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Quote:
Originally Posted by wnytaxman

Only if the principal on your loan is under $1 million.
The balance is $876k and the interest exceeds the standard deduction and the view from my apartment window at the beach - which is where I live when I'm not on the road is lovely. Can I deduct the interest. Could I file amended returns up to principal of $999.999k.
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Old 12-22-2012, 05:27 AM   #17
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Originally Posted by flaggship1 View Post
The balance is $876k and the interest exceeds the standard deduction and the view from my apartment window at the beach - which is where I live when I'm not on the road is lovely. Can I deduct the interest. Could I file amended returns up to principal of $999.999k.
It's the amount of interest that's limited, not the balance on the loan.

Yes, you can deduct the interest on Schedule A. I don't recall how far back you can file amended returns over a change like this. The instructions for form 1040X should have that info.
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Old 12-22-2012, 08:08 AM   #18
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My question somewhat follows Clifftall's question about intrest & taxes on an RV lot that you own. How about intrest & taxes on an RV site that you are purchasing & do not own. It is basically a lot with a concrete pad and electric hook up and water and sewage. Does this qualify to deduct the intrest on the loan and taxes on property.
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Old 12-22-2012, 08:28 AM   #19
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My question somewhat follows Clifftall's question about intrest & taxes on an RV lot that you own. How about intrest & taxes on an RV site that you are purchasing & do not own. It is basically a lot with a concrete pad and electric hook up and water and sewage. Does this qualify to deduct the intrest on the loan and taxes on property.
No, an RV lot does not qualify. If you read the actual IRS instructions for mortgage deduction for a personal residence, it has to have kitchen and/or bath facilities to qualify. An RV meets this requirement. A plain RV lot does not.

Some RV resorts have lots with casitas or bungalows on them that do have a kitchen and bath. I think those would qualify.
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Old 12-22-2012, 08:33 AM   #20
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It's the amount of interest that's limited, not the balance on the loan.

Yes, you can deduct the interest on Schedule A. I don't recall how far back you can file amended returns over a change like this. The instructions for form 1040X should have that info.
Oops. First part of this is wrong. I shouldn't post in the middle of the night.
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Old 12-22-2012, 08:35 AM   #21
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You are allowed to take the interest deductions on up to two residences. One would be your primary residence. On your primary residence the cap on the principal is $1 million. For a home equity, the cap is $125,000. If you have more than two stick and brick homes, you can take the taxes on all of them, but only the interest on two of them which includes your primary residence.
Do you have a cite for the $125,000? The IRS doc I'm looking at (936) says $100,000 ($50,000 for MFS).
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Old 12-22-2012, 02:41 PM   #22
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Back to the original post on this thread.

We ran into the same issue a few years back. We got a "love" letter from the IRS saying we owed $XXXX. I called, it was explained that it was on what we knew to be the RV loan, but as in the original post, there was nothing in the paperwork that said so. All I had to do was tell the nice lady that it was an RV loan and she cleared our account, all over the phone. Since I've typed in "RV loan" right on the tax form and haven't been questioned again.
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Old 12-23-2012, 08:58 AM   #23
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Do you have a cite for the $125,000? The IRS doc I'm looking at (936) says $100,000 ($50,000 for MFS).
Sorry Flying Driver, you are correct. The limit is $100,000 not $125,000. I should learn to never post something important like that when I'm distracted!
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Old 12-24-2012, 07:44 AM   #24
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My question somewhat follows Clifftall's question about intrest & taxes on an RV lot that you own. How about intrest & taxes on an RV site that you are purchasing & do not own. It is basically a lot with a concrete pad and electric hook up and water and sewage. Does this qualify to deduct the intrest on the loan and taxes on property.

If you are also renting out the RV lot, then you can take the interest and taxes against your rental income from the lot. If you aren't renting it out then you will lose the interest deduction, assuming you are deducting the interest on the MH. If the motorhome is paid off, then the argument could be made that the lot is part and parcel to the motorhome and, therefore, the interest is deductible. I dont' know for sure if you would win that argument, but an agressive position would be to take the deduction if the MH is paid off.

As with all things in tax, there is black and white, but there is also one heck of a lot of gray in between.
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Old 12-24-2012, 08:10 AM   #25
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(For those of you who are not aware, you can take RV interest off on Schedule A as "Other Interest" as long as your RV has bathroom and kitchen capabilities.)
Hi Ed,

Can you confirm my understanding that the interest paid on a RV loan (not primary residence) is NOT deductible for AMT purposes?

Thanks,
Stu
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Old 12-24-2012, 08:44 AM   #26
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Hi Ed,

Can you confirm my understanding that the interest paid on a RV loan (not primary residence) is NOT deductible for AMT purposes?

Thanks,
Stu
Stu,

You are correct that it is an add back.

If they don't do anything to put a patch on the AMT, it will hit over 30 million taxpayers this year. Kind of ironic that a tax that was intended to hit 435 people will now hit 30 million.

Ed
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Old 12-24-2012, 09:28 AM   #27
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Kind of ironic that a tax that was intended to hit 435 people will now hit 30 million.
Ironic, perhaps, when it hits others.

Disappointing, when it hits me, as it did last year.

Take care,
Stu
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Old 12-24-2012, 12:15 PM   #28
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For what it is worth, the IRS is going forward as if Congress will pass an AMT patch similar to what was in place last year. If Congress does not put the AMT patch back, then the IRS will have to rework their software and anyone who is expecting a refund will probably have a delay in getting their refunds.
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