Community Forums

chuckinthebus · 04-09-2012, 07:23 PM

Quote:

Originally Posted by RickO

Ditto Mr_D....

Only the interest on the loan if you have one. I don't see this being any different than a stick house though.

It does really raise an interesting question I hadn't considered before though... and that pertains to capital gain/loss when you sell it. We all know how it works with stick houses and I wonder if a coach would be allowed the same rules. Specifically, I wonder if the capital loss that will certainly be there for many of us when we sell our rigs... could be used to offset other capital gains.

Rick

If it is like a loss on a stick house, $2000.00 per year is all you are currently allowed. Hope that changes soon as we took a real ^$$ whippin on one we had in FL. Doubt I will live long enough to recover that.

RickO · 04-09-2012, 08:32 PM

Quote:

Originally Posted by Babysteps

A capital loss on the sale of your coach is a non deductible personal loss
and cannot be deducted or otherwise offset against capital gains.

Thanks. I assume if one sells their stick house at a loss it can't be used to offset past or future capital gains either... even on real estate?

Rick

JimM68 · 04-09-2012, 08:42 PM

Quote:

Originally Posted by RickO

Thanks. I assume if one sells their stick house at a loss it can't be used to offset past or future capital gains either... even on real estate?

Rick

Only if it is a business. We own a property, currently for sale, which is "rented" to my wife's photography business.
My accountant tells me any loss on the sale will be deductible against income in that year.

Our home is also for sale and may sell at a loss. He tells me since there is no business involved, any loss will not be directly deductible.

Dick Noble · 04-09-2012, 08:43 PM

There is one and as far as I can find, one way to deduct a loss on the sale of a personal residence - after a devorce, if you must pay for the house and you are not allowed to live in it (but the ex can) then it is an investment and therefore subject to capital gains/loss.

Babysteps · 04-09-2012, 08:46 PM

Quote:

Originally Posted by RickO

Thanks. I assume if one sells their stick house at a loss it can't be used to offset past or future capital gains either... even on real estate?

Rick

That is correct....if you sell your personal residence at a loss, none of that loss is deductible or can be offset against past or future capital gains of any
kind.
The good news is, if you sell your home at a gain......you can exclude up to
$500,000 of gain from tax ( on a joint return ).

Babysteps · 04-09-2012, 08:54 PM

Quote:

Originally Posted by Dick Noble

There is one and as far as I can find, one way to deduct a loss on the sale of a personal residence - after a devorce, if you must pay for the house and you are not allowed to live in it (but the ex can) then it is an investment and therefore subject to capital gains/loss.

Making payments on an ex wife's house doesn't sound like any kind of
investment I would want. I think such a payment would be considered
alimony and, as such would be deductible to the husband and taxable
income to the wife.

RickO · 04-09-2012, 09:33 PM

Quote:

Originally Posted by Babysteps

That is correct....if you sell your personal residence at a loss, none of that loss is deductible or can be offset against past or future capital gains of any
kind.
The good news is, if you sell your home at a gain......you can exclude up to
$500,000 of gain from tax ( on a joint return ).

Thanks. I guess it would really be a stretch under any circumstances.

Rick

paz · 04-10-2012, 08:31 AM

Quote:

Originally Posted by bpendley

I bought the RV outright in 2011. Is the purchase for that tax deductible?

Sales tax may be deductible, but not the cost of the RV itself unless you use it to generate income (rental, travel for work, etc.), and even then it would probably be subject to depreciation over a period of years.

dons2346 · 04-11-2012, 03:13 PM

Quote:

Originally Posted by paz

Sales tax may be deductible, but not the cost of the RV itself unless you use it to generate income (rental, travel for work, etc.), and even then it would probably be subject to depreciation over a period of years.

If you are a resident of a state that does not have a state income tax, you may deduct sales tax on your federal return.

We save all our receipts that has sales tax on them. At tax time they are added up and we take the larger amount (tax tables vs. added receipts) as a deduction