Tax day and RV's

I don't even come close to meeting the standard deduction for married filing jointly... I paid more for medical ins premiums than I did on my home mortgage interest! By almost double! And still didn't even come close.

RV's been paid off for about 7 years now anyway.. :)

Must really suck to have to pay for all that extra stuff just to get a few extra bucks off your tax bill.... :)

Mitch

Use the loan interest as a second home as long as it has sleeping, eating (kitchen) & a bathroom

look into schedule C, section 179 ... your business could be a recreation consultant

trnfla wrote:

Thomas/NH wrote:
How about buying a new one, finance it, declare it a second home and deduct the interest. Just have to spend more than 14 nights to qualify.

I don't believe this is true. There is no requirement to spend 14 nights, it only has to have a kitchen and bathroom and be your only second home to qualify for a interest deduction.

This deduction only applies if you have enough to itemized. Which now takes a lot to be able to reach the standard limit.

Mostly depends on your earning, and other deductions. I meet the standard every year. I always use my RV, and house interest, along with my city, and county taxes. Plus property taxes on my vehicles, including the RV.
And no. There is no 14 day requirement. The only requirement is that the RV be used as collateral for the loan

path1 wrote:
..old age pass I got at 62 birthday. Medicare not until age 65.

Ok.. bad guess.

Thomas/NH wrote:
How about buying a new one, finance it, declare it a second home and deduct the interest. Just have to spend more than 14 nights to qualify.

I don't believe this is true. There is no requirement to spend 14 nights, it only has to have a kitchen and bathroom and be your only second home to qualify for a interest deduction.

This deduction only applies if you have enough to itemized. Which now takes a lot to be able to reach the standard limit.

path1 wrote:

2oldman wrote:
You got Medicare so that should more than offset it.

No, I'm in between...old age pass I got at 62 birthday. Medicare not until age 65. Or has that changed??

But Sure do enjoy old age pass.

I'm 62 and waiting to enkjoy the Old Age Pass this summer...if summer ever gets this far north!:B

There is no 14-day stay requirement in order to deduct second home (including RV) interest on your tax return. You may be confusing this with another tax issue associated with second homes. You can rent it out for up to 14 days and still consider it a personal vacation home and not pay taxes on the rental income. Totally different issue.

To get a personal tax deduction for an RV, according to the IRS, all “second homes” must be used as security of the loan that you are deducting interest and must have basic sleeping, cooking and toilet accommodations.

Also, if you are hit with the alternative minimum tax, generally you lose your RV deduction at that point.

Thomas/NH wrote:
How about buying a new one, finance it, declare it a second home and deduct the interest. Just have to spend more than 14 nights to qualify.

2oldman wrote:
You got Medicare so that should more than offset it.

No, I'm in between...old age pass I got at 62 birthday. Medicare not until age 65. Or has that changed??

But Sure do enjoy old age pass.

Not like the good old days of just doing lots of deductions. Now we are limited on those good deductions. Those good deductions are being saved for corporations because that will trickle down to us.