Tax Question for full timers
Have always heard MH's could be written off as a second home, but what if you are full timer and have no brick and mortar home? Is there any advantages? This is are first filling since owning.
Forum Discussion
Mississippi wrote:
everyone needs to be aware of a recent Tax Court ruling which disallowed business deductions for expenses associated with the use of a motorhome.
I've been told more than once by IRS agents and tax accountants - the fastest way to get an audit is to claim 'home office' expenses more than a few hundred dollars.
I've met some full-time RV folks who claim part of the value of the RV as a business deduction as a home office.
I realize that some folks might be able to get those type expenses allowed - but my personal preference is to maintain a low profile.
Claim my interest deduction, and nothing more.
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One note on interest deductions for the RV as a second home. There was a fellow on this forum last year for whom the IRS would not allow his deduction. Turned out he owned some undeveloped property in addition to his main residence.
The bank holding the note on that property issued a 1099 for interest, even though the property had no residence or structures upon the land.
It took some phone calls to get straight - but if you own two pieces of land, one with your primary residence - be aware the IRS might not automatically allow the RV as a second home deduction.
