Forum Discussion

gbsteph's avatar
gbsteph
Explorer
Oct 15, 2020

Tax Right off

So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?
  • We used to do it for our boat...but really it's unlikely to make a big difference unless you are way overpaying on your loan interest rate and you already are itemizing. With the $24k standard deduction for couples, most won't benefit at all.
  • Another potential tax savings are the federal and state credits, not deductions, for adding solar to your "second home". These credits can significantly offset the cost of solar power installs to RVs.
  • gbsteph wrote:
    So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?
    The write-offs you are seeking come about if you itemize your deductions. What is deductible is the interest if it is financed and possibly the taxes if they do not exceed the SALT (state and local taxes) limitations that currently are $10,000 for a couple filing a joint return. Be aware that the SALT limitations are a cumulative inclusive of those taxes on your primary residence, the taxes on your RV and any other eligible taxes.
    I doubt that the taxes and interest on a Truck Camper will result in significant tax savings except in the year it was purchased and that assumes the purchase was subject to a state sales tax. Don't forget your savings is only the amount of the allowable deductions times your marginal tax rate. It is worth taking, but it isn't going to be a windfall.
  • I right off whatever my accountant says I can that’s true and won’t initiate an audit. I don’t want to write an explanation to the IRS.

About Travel Trailer Group

44,025 PostsLatest Activity: Feb 18, 2025