Last year we bought a RV lot in a nice RV park, with the plans to use it ourselves next year, but in the mean time the park has been renting it out for us. We get a certain amount, and the Park gets a certain amount.I know about the standard deductions when we do our taxes, like the electric, the water, and the maintenance but can we claim the amount that the park gets as a deduction?Guy

Not sure, I get most of my tax info from a garden tractor forum.

I would talk to your accountant. Any time you 'rent' anything that puts the whole issue into another category and it usually is not beneficial to you vs owning it/living in it.

I'm sure you would have to pay state income tax on the income from rental fees you collected, but not what the HOA collected. Also, you should be able to deduct property tax, but I think all maintenance and water is probably provided by the HOA from your dues. If you have to pay for electricity, you may be able to deduct that.As mentioned, you need to talk to a tax consultant or accountant to get all the correct info that your city/county/state requires.For us, it's just not worth the amount of rental fees we would get, and have consequently removed our lot from the HOA rental program.Ron

It depends on how the money flows. If the rent was $1000 paid by the renter to the agency and then you get $700 and the agency keeps $300, you would show $700 rental income and deduct any additional expenses you incur. If the $1000 is paid directly to you, you deduct the $300 you pay to the rental agency as a management expense against the $1000 you show as revenue. In both cases you end up with $700 of income less expenses. What you cannot do is deduct the $300 fee from your $700 income in example one.

Guy Roan wrote: We get a certain amount, and the Park gets a certain amount.In general, you don't report money that you never actually GET.However.....you are now a landlord and the rules for renting out property apply....including depreciation. You need advice from a tax professional......at least the first time.

Write offs on our RV lot (a tax question) | Good Sam Community

13 Replies

Sam_Spade
Explorer
Apr 08, 2016
beemerphile1 wrote:

Regarding depreciation, you cannot depreciate land (RV lot), only structures.

And that is why you need to consult a tax expert.

What you depreciate is IMPROVEMENTS to the land.
Is there a concrete pad? Is there a well and pump?
Is it fenced ??
wanderingbob
Explorer II
Apr 08, 2016
Vic has it correct , You can not deduct what you do dot declare !
The Iowa Wheat Farmers Journal discussed this in their last issue , the issue that had the article about catfish farming !
beemerphile1
Explorer
Apr 08, 2016
Sam Spade wrote:
Guy Roan wrote:

We get a certain amount, and the Park gets a certain amount.

In general, you don't report money that you never actually GET.

However.....you are now a landlord and the rules for renting out property apply....including depreciation. You need advice from a tax professional......at least the first time.

Regarding income you are correct.

Regarding depreciation, you cannot depreciate land (RV lot), only structures.
ksg5000
Explorer
Apr 08, 2016
No different than paying a real estate mtg fee for rental house. Your declare all the income and deduct their fees and any other expenses related to the rental income (property taxes, utilities etc).
vic46
Explorer
Apr 08, 2016
You sure can, if you first take the amount into your income.
Crazy_Ray
Explorer
Apr 08, 2016
I get ALL my info from my CPA. Don't trust RV.Net for tax info
azrving
Explorer
Apr 07, 2016
Sprink-Fitter wrote:
Not sure, I get most of my tax info from a garden tractor forum.

That sounds sort of shaky.....I'm sticking with Craigslist
Tyler0215
Explorer
Apr 07, 2016
Sprink-Fitter wrote:
Not sure, I get most of my tax info from a garden tractor forum.
I hope they give better advice than the off-road forum.
Sam_Spade
Explorer
Apr 07, 2016
Guy Roan wrote:

We get a certain amount, and the Park gets a certain amount.

In general, you don't report money that you never actually GET.

However.....you are now a landlord and the rules for renting out property apply....including depreciation. You need advice from a tax professional......at least the first time.
westernrvparkow
Explorer
Apr 07, 2016
It depends on how the money flows. If the rent was $1000 paid by the renter to the agency and then you get $700 and the agency keeps $300, you would show $700 rental income and deduct any additional expenses you incur. If the $1000 is paid directly to you, you deduct the $300 you pay to the rental agency as a management expense against the $1000 you show as revenue. In both cases you end up with $700 of income less expenses. What you cannot do is deduct the $300 fee from your $700 income in example one.