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02-01-2018, 02:39 PM
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#29
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Senior Member
Join Date: Aug 2008
Location: Georgia
Posts: 8,638
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Quote:
Originally Posted by Stevegd007
Thinking you need a new tax guy! I took off my motor home interest pmt every year on our taxes! My loan company sent out a statement that I used every year! You actually keep the statement for your records and only show it on the tax documents! A 20 year Motorhome loan should be tax decidable...and I did so for years! Do it...you will be OK
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X-2 although I did get a letter from the IRS, I sent them lean holders name and account number and they have not questioned again.
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2007 Fleetwood Revolution LE 40V
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02-01-2018, 02:57 PM
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#30
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Member
Solo Rvers Club
Join Date: Nov 2016
Location: Minneapolis
Posts: 35
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Time out !!
chrisk311 correctly answered this post, long ago ...
The 2nd mortgage (and 1st) interest deduction is dead as of 12-31-17
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02-01-2018, 03:02 PM
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#31
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Senior Member
Join Date: Jul 2014
Posts: 35,446
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Quote:
Originally Posted by gfmii
Time out !!
chrisk311 correctly answered this post, long ago ...
The 2nd mortgage (and 1st) interest deduction is dead as of 12-31-17
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Wow, that's so wrong !
Google it and read all about it.
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02-01-2018, 03:03 PM
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#32
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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Quote:
Originally Posted by gfmii
Time out !!
chrisk311 correctly answered this post, long ago ...
The 2nd mortgage (and 1st) interest deduction is dead as of 12-31-17
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WRONG! The home equity loan interest deduction is dead apparently as of 12-31-17. The second home interest deduction is still alive and well. The limit changed as to the amount of principal that a mortgage can have but that's it.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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02-01-2018, 03:03 PM
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#33
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by Mr_D
Why should I take money out of an annuity that pays me 7% to pay off a 5% loan. That 7% is more than my monthly payments plus insurance on the stick house, MH and two cars and some left over for the stick house property taxes.
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To add to this: My financial advisor did check on the tax implications of taking the money out and paying the loans off. He said it would cost me about $100,000 in add'l Federal income taxes if I did it.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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02-01-2018, 03:33 PM
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#34
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 27,713
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There IS an IRS caveat with respect to the type of interest for the loan on a second home, but it does not involve the word "mortgage" on any paper. The home must be used as collateral for the loan in order for the loan interest to be federal tax deductible. That is what makes the loan a "mortgage" for tax purposes and qualifies the interest for the mortgage deduction. If the lender doesn't file mortgage interest paperwork with the IRS (few, if any do), you might be asked to show that the deduction requirements are being met, but I doubt if that would happen except in an audit. It would almost surely never be challenged otherwise.
So, if you charged your motorhome on your VISA card, you can't deduct the interest cause VISA doesn't have a collateral interest (lien) on the RV.
__________________
Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is West Palm Beach, FL
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02-01-2018, 03:46 PM
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#35
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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Quote:
Originally Posted by gfmii
Time out !!
chrisk311 correctly answered this post, long ago ...
The 2nd mortgage (and 1st) interest deduction is dead as of 12-31-17
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This is my 45th tax season (yes I am old) and I have never seen any piece of tax legislation so universally misquoted, misinterpreted, or just plain ignored. I'm not sure if it is keyed to our toxic political environment or the excessive use of the internet or what, but it is really unbelievable to observe and try to combat.
It is going to be years before we fully understand all the ramifications of this tax law. The IRS has their hands full trying to understand all of this and how it will change things going forward. For 2017, not much is different. That's the good news.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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02-02-2018, 07:53 AM
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#36
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Member
Join Date: Sep 2011
Location: Melissa, TX
Posts: 95
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IRS Circular E defines a home for tax purposes.
I have a note on ours that is not a mortgage so the IRS does not get a 1099 for the interest. I deduct it. Every couple of years I get a letter saying that I owe $X rca use of the mortgage deducted. I change the dates and numbers on my reply letter and include loan statements showing interest paid, documentation that the note has the RV as collateral, and a copy of the circular E page defining a home.
It always is resolved with that letter. I keep all that info in a folder ready to send again as needed so I don't have look for it all.
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2005 Winnie Adventurer 37B  ,
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02-03-2018, 03:23 PM
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#37
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Member
Join Date: Aug 2016
Location: Wellston, Mi
Posts: 59
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Get a new tax guy it obvious he has no clue about taxes. We have a motorhome we bought new in 2016 and we claim the interest on our taxes.
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02-03-2018, 03:37 PM
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#38
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Senior Member
Newmar Owners Club Freightliner Owners Club
Join Date: Jun 2016
Location: Odessa, Tx.
Posts: 848
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Quote:
Originally Posted by Bug512
pay with cash #daveramsey
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Dave would be so proud of you ! and me. 
__________________
John and Sue from W. Texas
2001 DSDP, 3126B Cat
"the Oilfield PAID me to retire, so I did" :-)
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02-03-2018, 03:49 PM
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#39
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by deaton
Everybody’s financial situation is different and really doesn’t apply to the OP’s original question.
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Wasn't answering the OP's question, I was answering the post I quoted.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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02-03-2018, 06:54 PM
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#40
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"Formerly Diplomat Don"
Newmar Owners Club
Join Date: Apr 2005
Location: Moorpark, Ca.
Posts: 24,125
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Two things......there was some information that RV's would still be deductible in 2018, but the new tax law stated motorized. They said during reconciliation of the new law, they would push to correct that and remove the words motorized, otherwise, only motor homes would be deductible.
Second thing.....it's funny, the guy that tells everyone to save their money and pay cash, currently doesn't have an RV. Brilliant strategy!
__________________
Don & Mary
2019 Newmar Dutch Star 4018 (Freightliner)
2019 Ford Raptor
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02-03-2018, 07:07 PM
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#41
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Senior Member
Join Date: Jun 2017
Location: Western Montana
Posts: 976
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Quote:
Originally Posted by Bug512
Then again if you save and pay with cash no need to worry about this. #daveramsey
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Agree - why pay $10k in interest to get back $2500 on your taxes. Or even $39,600.
I guess one reason would be if the cash is earning a higher interest rate than your loan interest rate.(after taxes)
__________________
Mike & JoAnne
Montana Summer / Arizona Winter
'16 Prism 24G / '02 HitchHiker 38 LKTG
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02-04-2018, 07:01 AM
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#42
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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Quote:
Originally Posted by Dutch Star Don
Two things......there was some information that RV's would still be deductible in 2018, but the new tax law stated motorized. They said during reconciliation of the new law, they would push to correct that and remove the words motorized, otherwise, only motor homes would be deductible.
Second thing.....it's funny, the guy that tells everyone to save their money and pay cash, currently doesn't have an RV. Brilliant strategy!
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Don, I always enjoy your posts but on this one you are misinterpreting what the law is. The new law disallowed the deduction for interest paid by a business on non-motorized units. In other words a dealer could not deduct the interest he was paying on his floor plan for his non-motorized units. That is what the RVIA is looking to correct. This law does not change the second home interest deduction other than the total amount of borrowing will go down from a million. That is the only change that has any effect on individuals and their interest deductions for RV’s.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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