TT and tax deductions
Hello We bought our first TT in June 2013. I vaguely remember the salesman saying something to do with a tax deduction on the TT because it is considered a second home. Can anyone tell me more abou...
Forum Discussion
BillB800si wrote:
Sorry you don't get to deduct your sales tax. You can deduct the interest on the RV loan as a second home, if you go long form on your Federal Taxes. Use schedule A just like on your original home.
Actually you may be able to deduct the sales tax you paid to purchase it. If you bought it in 2013 and you itemize your deductions (schedule A) you have the choice of deducting your states income tax or sales tax (if you live in a state with no income tax this is something of a no brainer). You can keep track of all the sales tax you payed for the year or let the IRS estimate the sales tax and then you can add on the sales tax you paid for purchases such as cars and RV's.
