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Old 12-31-2012, 10:46 AM   #29
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Originally Posted by wnytaxman View Post
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.
Yes wnytaxman, the RV is paid for, so if I purchase a lot for it, I think I would take the "agressive position" & take the deduction. IRS will just add tax & interest if they don't like it, "heck of a lot of gray in between".
Isn't it better to ask for forgiveness than ask permission???
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Old 12-31-2012, 10:51 AM   #30
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Yes wnytaxman, the RV is paid for, so if I purchase a lot for it, I think I would take the "agressive position" & take the deduction. IRS will just add tax & interest if they don't like it, "heck of a lot of gray in between".
Isn't it better to ask for forgiveness than ask permission???
Um---we're talking about the IRS. I don't think they "forgive."
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Old 12-31-2012, 11:02 AM   #31
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Before you go taking any "aggressive" tax positions, I suggest you read the relevant part of Pub 936 yourself: Publication 936 (2011), Home Mortgage Interest Deduction

Specifically the section on "Qualified Home", where it says:

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For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
Your lot doesn't have sleeping, cooking, or toilet facilities. Unless the RV is a "permanent" fixture on the lot, that is. Like a park model. IMHO
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Old 12-31-2012, 11:30 AM   #32
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first off, THANKS wynytaxman for the FREE advice thus far much appreciated...

when you make it thru DFW,or if we meet up on the road,
give us a shout and we'll take you out to dinner !

Will take the deduction for the 5er load,
what about the new pickup to tow it
and the storage lot we pu tit in when we aren't in it ?
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Old 12-31-2012, 11:41 AM   #33
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Will take the deduction for the 5er load,
what about the new pickup to tow it
and the storage lot we pu tit in when we aren't in it ?
If you read the post above yours, the pickup and storage lot will need kitchen and bathroom facilities to qualify as a "home".
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Old 12-31-2012, 11:53 AM   #34
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first off, THANKS wynytaxman for the FREE advice thus far much appreciated...

when you make it thru DFW,or if we meet up on the road,
give us a shout and we'll take you out to dinner !

Will take the deduction for the 5er load,
what about the new pickup to tow it
and the storage lot we pu tit in when we aren't in it ?
John,

You get the 5er with no problem, but the pickup interest would be a lost cause. There is no agressive position that anyone could take on the pickup.

As to the interest on the rv lot, it would depend on how you use it and when. For example, if you live in SC and the lot is in Florida, and you basically just drive from SC to FL and park in the lot, then the argument that the lot interest is part and parcel of the RV would have some merit. If, however, you live in ME and the lot is in Florida and you use it very sporadically, then I don't see the argument holding up.

As with anything in taxes, it depends on the auditor. Some will go out of their way to see your side of the argument and some will be totally blind to your position. Just depends on who you get and how they feel. Sometimes the law is irrelevant to some of the auditors.

Ed
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Old 12-31-2012, 12:34 PM   #35
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Let me add one postscript to this whole discussion. Remember the burden of proof is ALWAYS on the taxpayer. They don't have to prove you shouldn't have taken the deduction, you have to prove that you should have taken the deduction. Sometimes people forget that "little" distinction.
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Old 12-31-2012, 01:36 PM   #36
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Yes wnytaxman, the RV is paid for, so if I purchase a lot for it, I think I would take the "agressive position" & take the deduction. IRS will just add tax & interest if they don't like it, "heck of a lot of gray in between".
Isn't it better to ask for forgiveness than ask permission???
Take out a loan on the RV and pay off the lot.
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Old 12-31-2012, 01:42 PM   #37
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Take out a loan on the RV and pay off the lot.

That works too and then there is no question about the deductibility. Only difference may be the rate of interest.
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Old 01-01-2013, 06:32 PM   #38
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Just keep your paper work in order I have been called out twice writing off the interest. No problem they just wanted the interest on the banks letter head.
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Old 01-02-2013, 06:57 PM   #39
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What to put down on the tax form?

I would think that the so called "Stander Deductions" pertains to what you or your spouse can take by looking at the chart.
You still can add extra interest you just have to look for a place to put it.
Thats if you do your own taxes.
If there is something that you want to deduct and you don't know if they will except it or not put it down anyway.
It would be a good idea to make a list and explain why you are including it with your form that way they will be able to understand it better.
Just a thought
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Old 01-02-2013, 07:38 PM   #40
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I would think that the so called "Stander Deductions" pertains to what you or your spouse can take by looking at the chart.
You still can add extra interest you just have to look for a place to put it.
Thats if you do your own taxes.
If there is something that you want to deduct and you don't know if they will except it or not put it down anyway.
It would be a good idea to make a list and explain why you are including it with your form that way they will be able to understand it better.
Just a thought

Terry, I'm not sure where you are going with this. If you don't take the standard deduction then you will itemize and it is very specific where you have to take the interest on Schedule A. If you take the standard deduction then the only way you could take the interest deduction is if it was for a rental property. In other words you would have to be renting out your RV or your RV lot to take the deduction. The IRS takes a very dim view of strange deductions with no basis in the law.

Ed
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