bdpreece wrote:
What do you know about the depreciation route? Had some friends who depreciated their motorhome then when they sold it had to claim the selling price as income. Any way around this?
I'm not an accountant, nor have I claimed my RV for business use, but I would say no. I've owned rental property, and I imagine the rules are the same for other business property. Depreciation expense is great for reducing profits while you're taking it (on a rental house, it can easily reduce a profit to a loss, for tax purposes), but if/when you later sell the property for more than its depreciated value, the difference comes back as income. Uncle Sam says: "Pay me now, or pay me later ..."
