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Old 03-07-2011, 05:21 PM   #1
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IRS interest deduction

OK, as we know, the interest on a 2nd home or motorhome, is sometimes deductable. I am planning (wishing) to do a complete remodel including paint on our coach and I was wondering if the interest on the remodel be deductable?
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Old 03-07-2011, 05:25 PM   #2
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Probably not, and the interest on the loan is only deductable if you have enough, along with everything else to file long form.

Mine was not nearly enough but then I don't owe much.

A home equity loan may be again if its large enough.
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Old 03-07-2011, 07:28 PM   #3
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Old 03-07-2011, 07:32 PM   #4
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The only way to deduct interest for this type of a remodel is if you can get the lending institution to classify it as a home equity loan.
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Old 03-07-2011, 07:56 PM   #5
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In washington state the sales tax on remodel is deductable.
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Old 03-07-2011, 08:09 PM   #6
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You could refinance your RV and get enough for the remodel, if you can get a loan to cover the current payoff and remodel. It's probably not lookin' good for a deduction.
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Old 03-07-2011, 10:10 PM   #7
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Seems to me you could get a home equity loan on your house, and use it to remodel your RV.
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Old 03-08-2011, 08:04 AM   #8
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Hi JPMaly,
If you are paying cash for the remodel the cost is not deductible, initially. One would need to sell the coach and then determine how how much the remodel added to the sales price. One could then deduct the cost of the remodel to offset any capital gain from the sale. I know, a capital gain from the sale of a coach is very unlikely. I just wanted to mention the possibility. If an LLC owned the coach, one could use the cost of the remodel to aid in the capital loss in addition to minimizing the capital gain.

If the coach is owned by a person, the previous posts provide suggestions on how to use the tax laws and become creative to receive some tax benefit from the remodel.
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