Go Back   iRV2 Forums > MOTORHOME FORUMS > MH-General Discussions & Problems
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 02-23-2016, 07:48 PM   #15
Senior Member
 
Join Date: Nov 2013
Posts: 193
Quote:
Originally Posted by Fred and Bonnie View Post
Mr. D what form are you referring to? Our tax preparer has always explained what the deduction is, without any problems. The loan is an installment loan, not a mortgage.

Fred
I had a loan through US Bank in the past. They never reported the interest I paid to the IRS so I never got a form reporting the interest charge from them either. Yes it is an installment loan, not a mortgage but the interest (in my case) was deductible. All it took was a phone call to US Bank and they told me ow much interest I paid which I deducted (with no issues) on my tax return.
__________________

__________________
2008 Winnebago Aspect E450 26A. Oh, yeah, the wife and geriatric Beagle, Irwin, come along too.
OlYeller is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 02-23-2016, 08:01 PM   #16
Senior Member
 
DGBPokes's Avatar
 
Newmar Owners Club
Workhorse Chassis Owner
Spartan Chassis
Join Date: May 2010
Location: McAlester Ok
Posts: 1,407
Essex....who is a division of Bank of the West. But 1/2% Better rate.

Have experienced not getting an interest paid form. Just reported it for what it was, never a problem.
__________________

__________________
2007 Newmar KSDP. 3912
2010 Nissan Frontier SE
DGBPokes is offline   Reply With Quote
Old 02-23-2016, 08:17 PM   #17
Senior Member
 
KSagal's Avatar
 
Join Date: Oct 2014
Location: Wilmington, MA
Posts: 559
So... If I full time, and took a loan to get the MH, isn't the interest the same as a mortgage for tax reasons?

I am considering going full time, but own my old MH outright. If the interest was deductible, I might consider upgrading. Most likely not, but want to know what there is to know.
__________________
Karl I. Sagal KarlSagal@Gmail.com
Well done is better than well said. (Ben Franklin)
1988 Fleetwood Southwind, 34'
KSagal is offline   Reply With Quote
Old 02-23-2016, 09:35 PM   #18
Senior Member
 
Join Date: Dec 2007
Posts: 982
Quote:
Originally Posted by KSagal View Post
So... If I full time, and took a loan to get the MH, isn't the interest the same as a mortgage for tax reasons?

I am considering going full time, but own my old MH outright. If the interest was deductible, I might consider upgrading. Most likely not, but want to know what there is to know.

Sorry but unfortunately the tax deduction, as I understand, is only if you own a home and the RV is deducted as a vacation home.
__________________
Ron & Linda
2000 Dynasty 38PBS
Full time since 2007
Nana25K is offline   Reply With Quote
Old 03-03-2016, 09:35 AM   #19
Member
 
dbdreamers's Avatar
 
American Coach Owners Club
Spartan Chassis
Join Date: May 2015
Posts: 78
Again, Thanks to all!

Got approval for the loan yesterday from our banker.
U.S. Bank. No problems, hitches, etc. Only thing
to mention is that I applied online to SouthEast Financial
and never heard back. Too bad. I was looking forward to
see what they could do.

We pick up the RV on March 17th. 80 days to retirement.
100 days to departure. The time is FLYING!!
__________________
Dave & Becky Cook - Retired 2016
2006 Revolution E40LE
2014 Honda CRV
dbdreamers is offline   Reply With Quote
Old 03-04-2016, 12:07 AM   #20
Senior Member
 
SpaceNorman's Avatar
 
Monaco Owners Club
Join Date: Jan 2004
Posts: 1,144
Quote:
Originally Posted by Mr_D View Post
Ours is through US Bank. Only "problem" we've had is they didn't issue a correct form for interest deduction on the MH, but I should have it this week.
The note on our coach is thru US Bank also. Because an RV loan isn't a real estate loan - it's not governed by the traditional mortgage interest statement reporting requirements. That said there isn't a "correct" form for interest deduction that you're likely used to seeing on your sticks and bricks. You should find that there is a paragraph on your monthly Loan statement in the month of January that tells you how much interest was paid on the loan during the previous calendar year. That's really all the documentation you need to substantiate your interest deduction.
__________________
SpaceNorman
2012 HR Endeavor 43' DFT, 2012 Jeep Liberty
www.penquinhead.com
SpaceNorman is offline   Reply With Quote
Old 03-04-2016, 12:15 AM   #21
Senior Member
 
Mr_D's Avatar
 
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 28,477
Got the letter earlier this week from US Bank. With the last MH loan they just sent the correct form automatically.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is offline   Reply With Quote
Old 03-04-2016, 12:24 AM   #22
Senior Member
 
Mr_D's Avatar
 
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 28,477
Quote:
Originally Posted by Nana25K View Post
Sorry but unfortunately the tax deduction, as I understand, is only if you own a home and the RV is deducted as a vacation home.
Nope, if you're living in the RV full time it's deductible just like a sticks and bricks.
If your sticks and bricks home is paid off you can still deduct the MH interest.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is offline   Reply With Quote
Old 03-04-2016, 12:33 AM   #23
Senior Member
 
SpaceNorman's Avatar
 
Monaco Owners Club
Join Date: Jan 2004
Posts: 1,144
Quote:
Originally Posted by KSagal View Post
So... If I full time, and took a loan to get the MH, isn't the interest the same as a mortgage for tax reasons?

I am considering going full time, but own my old MH outright. If the interest was deductible, I might consider upgrading. Most likely not, but want to know what there is to know.
Read IRS Publication 936 (2015) to determine if the interest on your motor home will be a qualified deduction. There's a handy link within IRS Publication itself to a decision chart that I found pretty handy in figuring out whether I was qualified to take the deduction.

The way it reads to me ... as long as your motor home has cooking, sleeping and bathroom facilities and is itself being used as collateral as part of your loan agreement - it can be considered a "qualified home" for tax purposes.

If you only have 2 home loans (i.e., a mortgage on your "sticks and bricks" and an RV loan for your motor home) .... AND the total balance of your combined mortgages are less than $1,000,000 (of $500,000 if you're married filing separately) ... AND the motor home is not something that you rent out. ... the interest on your motor home qualifies as being fully deductible.
__________________

__________________
SpaceNorman
2012 HR Endeavor 43' DFT, 2012 Jeep Liberty
www.penquinhead.com
SpaceNorman is offline   Reply With Quote
Reply

Tags
advice



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Financial Security when away from Home chrisgolden iRV2.com General Discussion 13 09-30-2015 02:25 PM
Extended Service Plan With Southeast Financial dlduck Class A Motorhome Discussions 1 07-23-2015 09:49 AM
Full timing in rv out of financial necessity kris-at-home Full-Timers 27 02-19-2015 02:46 PM
Financial Question Rogerm60 iRV2.com General Discussion 18 12-08-2014 11:03 AM
financial Planning bsinmich RV'ing Humor & Crazy but True Stories 1 05-10-2014 07:45 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 06:57 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.