Home deduction.

I'll believe it when I see it.

Unless you are renting out the RV no you can not deduct any other costs besides interest. Can't with your S&B can you? The RV is treated just like a vacation house.

down home wrote:

But... Last year as years before we spent a substantial bit of money on being stored inside and cared for.
Does anyone include ,that, in there expenses or deductions.

I'm sure somebody has tried to deduct that, works fine until an audit.
bumpy

I have never heard of this, being able to use your RV as a deduction on your income tax. Could you explain please?

You can deduct any part of your RV expense that is related to business earnings.
John Madden traveled all over the USA in a motor home when he was a professional football coach because he was afraid to fly. His RV expenses were deductible. There are other ways to legally deduct some RV expenses but you have to prove that they are business related. Not a big deal if you are doing it legally.
I've been through two audits myself and it is not difficult if you keep good records.

Even if you don't use the RV for business purposes you can still deduct the loan interest (if you have a loan) as if the RV is a second home.

down home wrote:
Last year may be the last year we can claim the interest deduction on homes and RVs. I haven't heard it being reinstated.

What makes you believe that 2013 may be the last tax year that mortgage interest is deductible? Whatever the source, it is HIGHLY suspect. It would be HUGE news if there was any legislation that would disallow the mortgage interest deduction.

down home wrote:
But... Last year as years before we spent a substantial bit of money on being stored inside and cared for.
Does anyone include ,that, in there expenses or deductions.

This never has been deductible and never will be - in an of itself - a personal RV.

If you are a business and the RV is owned by the business... and is a legitimate business expense, then you could do so. OR... a "hobby expense" could be deductible if and only if the the cost for that "hobby" exceeds the income for that hobby - in essence, you'd be operating as a business, though you are not specifically one.

But you should not take tax advice from ANYONE on this forum. You should not trust me or ANYONE who replies in this thread. You should ask your own tax advisor who knows all the particulars of your situation.

And none of this has EVER been deductible in Canada. Too bad!

guthriez wrote:
And none of this has EVER been deductible in Canada. Too bad!

I thought I heard on the telly that people in the States, can also deduct interest paid on their house mortgage. Now that would be nice! !

Owning an RV business I asked my accountant if I could build a structure to house my RV's, for various legitimate reasons and either write it off as an expense or lease the property from myself to My LLC. The answer in both cases was no. Since I own the real estate where I would house the RVs, it's essentially taking money from one of my hands and putting it in another. The LLC's storage area would inflate the value of my personal real estate and therby can't be done. I would essentially be paying my LLC to build a structure to add appreciation to my personal asset. Now if I wanted to lease space from a totally seperate entity I could write off the lease space. But it can't be on or appreciate a property I own.

Owning an RV either personally or via a business, the interest can be claimed. I haven't heard otherwise. Owning under an LLC does allow you to claim maintenance, equipment, repiars and depreciation but you better be legit.