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Old 07-31-2011, 06:15 PM   #1
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IRS Regulations on RV

Hoping to upgrade to a Heritage but would like to know how to legally write off/depreciate the purchase in the name of our corporation. We already have FL as a second home for the Eagle. But we put it in our personal name and it is paid for. This time we want to think this thru a little better, if it is possible.

Anyone have knowledge of IRS regs on this kind of write off? Advice?

Dave
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Old 07-31-2011, 06:29 PM   #2
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That sounds like a question for your business CPA/attorney.
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Old 07-31-2011, 06:35 PM   #3
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If you own a S&B home and you own an RV then the second home fully qualifies as a second/vacation home and is deductible just as a 2nd home would be. If you are trying to work in a 3rd home you could have issues and you are going to need a very good real estate lawyer. If it is a business/personal ownership issue then you are going to need a very good business lawyer.
Ignore anything else anyone might post here!
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Old 07-31-2011, 06:37 PM   #4
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Got conflicting answers from CPAs. Good idea to consult a tax attorney.

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Old 07-31-2011, 07:01 PM   #5
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There is no cut & dried answer - you need a tax expert to assess our particular situation. A CPA can identify the relevant IRC regulations, and a tax attorney can argue the different interpretations of those regs with the IRS. Most accountants will err of the side of caution to avoid confrontations with the IRS on the tax return, while the attorneys like the challenge of finding a loophole.
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Old 07-31-2011, 07:14 PM   #6
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Rather than ask here, you need to hire a tax accountant and attorney to make sure everything is set up correctly, if it is even feasible.

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Old 07-31-2011, 08:44 PM   #7
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It may get even more complicated.. Corporate Jets are already outcasts, Corporate RV's may be a hard sell-

Also: As of Friday... The second home/vacation home/ RV - mortgage interest deduction is one of the "loopholes" on the chopping block as a Senate revenue enhancement to raise the debt ceiling.
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Old 08-05-2011, 03:19 PM   #8
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my accountant says i can write of anything i want... until i get caught

still can't believe this was my 1st post
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Old 08-08-2011, 07:06 AM   #9
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Read IRS Pub 936. Just my two cents
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Old 08-09-2011, 04:05 PM   #10
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Quote:
Originally Posted by Hooligan View Post
It may get even more complicated.. Corporate Jets are already outcasts, Corporate RV's may be a hard sell-

Also: As of Friday... The second home/vacation home/ RV - mortgage interest deduction is one of the "loopholes" on the chopping block as a Senate revenue enhancement to raise the debt ceiling.
Gonna be a lot of water front homes up for sale when the big boys lose their deductions.
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Old 08-09-2011, 09:37 PM   #11
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Somehow I think they'll be able to muddle through.
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