Camping with the 1%...

[sch911]

After pulling into and getting setup at our favorite CG here at the Silver Lake Sand Dunes in Michigan in comes this rig! I felt very inadequate at this point:

1 2013 Newmar King Aire.
1 Custom built and painted 25ft. toy hauler.
1 Can Am Maverick 4 X 4 (for the dunes).
1 Yamaha V-MAX road bike.
1 Suzuki Hayabusa sport bike.

and just for getting groceries...

1 Ferarri 599 GTB Fiorano V12.

[2oldman]

garry1p wrote:
Looks to like rental stuff I bet he doesn't own any of it.

Oh.. that comment again.

[garry1p]

Looks to like rental stuff I bet he doesn't own any of it.

[msmith1199]

wnytaxman wrote:

RayChez wrote:

msmith1199 wrote:
If you legitimately use those items in your business then yes, you can write off the portion you use for business. But how to you use and RV, two motorcycles, and a Ferrari in a business? I guess it could be done but I doubt it.

Also if you are writing off those things in your business and you also use those things for personal use, and you aren't breaking the law, then you are backing out that personal use portion. So since Mr. Sausage King is also living in his RV, that is personal use and not business use.

Msmith, IF you use your motorhome as an office to run a business and you have a magnetic stick on, you can write off your coach. Same goes for your car IF it is needed to operate your business and you have to commute back and forth on it while on the job, it can also be wrote off. But you got to have that sign on the automobile doors showing that it is used for the business.

Sorry, but what you are saying isn't what is in the tax code. An automobile can be written off on either the standard mileage rate, $.565 per mile, or actual costs, whichever is greater, based on its percentage of business use. There is no requirement for any signage and magnetic signs have actually been ruled to not count as signage because of their temporary nature. Also commuting from home to work is not deductible, but commuting from a place of business to a job site is deductible. Writing off the coach will only be allowed if there is a necessary business purpose and the simple addition of a magnetic sign would not qualify.

Just trying to clarify what may or may not count.

The things people come up with! You are correct. I have a business, actually two businesses, and I write off mileage on two vehicles that I use for business use. I found that's is easier for me to just use the mileage deduction because I can keep track of it right on my iPhone. And the .565 per mile is actually a pretty good deal. Unless you use the vehicle 100% for business (that means no commuting from home to office in it) then you have to keep track of miles anyway. Much easier to use that method than trying to keep receipts from every fill up and oil change.

[loulou57]

$

[JumboJet]

rockhillmanor wrote:
BTW: If it were me I would have ordered that toy hauler to be made the 'same' height of the MH, for less drag. :B

He probably has the the MH squatted for ease of getting in and out, therefore the perceived height difference.

[loulou57]

Dog Folks wrote:

downtheroad wrote:

Dog Folks wrote:
That is all well and good, but I would be willing to bet all that stuff is not paid for!

Just wondering, what makes you think it's not paid for?

No chauffer or professional driver. People that have the kind of money to pay cash do not drive them. Just a little profiling. Not serious.

LOL! Don't ever come to conclusions. We have no idea who has what in the bank. The ford GT goes for groceries in our neighborhood, not many groceries but a few, LOL

[wnytaxman]

RayChez wrote:

msmith1199 wrote:
If you legitimately use those items in your business then yes, you can write off the portion you use for business. But how to you use and RV, two motorcycles, and a Ferrari in a business? I guess it could be done but I doubt it.

Also if you are writing off those things in your business and you also use those things for personal use, and you aren't breaking the law, then you are backing out that personal use portion. So since Mr. Sausage King is also living in his RV, that is personal use and not business use.

Msmith, IF you use your motorhome as an office to run a business and you have a magnetic stick on, you can write off your coach. Same goes for your car IF it is needed to operate your business and you have to commute back and forth on it while on the job, it can also be wrote off. But you got to have that sign on the automobile doors showing that it is used for the business.

Sorry, but what you are saying isn't what is in the tax code. An automobile can be written off on either the standard mileage rate, $.565 per mile, or actual costs, whichever is greater, based on its percentage of business use. There is no requirement for any signage and magnetic signs have actually been ruled to not count as signage because of their temporary nature. Also commuting from home to work is not deductible, but commuting from a place of business to a job site is deductible. Writing off the coach will only be allowed if there is a necessary business purpose and the simple addition of a magnetic sign would not qualify.

Just trying to clarify what may or may not count.

[msmith1199]

rgatijnet1 wrote:

msmith1199 wrote:

rgatijnet1 wrote:

msmith1199 wrote:
Exactly Bob. In reality any of us can write off the entire cost of our motorhome and all of our toys. And you won't have a problem at all unless the IRS catches you. 🙂 If you don't get audited you're fine. If you do, you better get your checkbook out. I love how people make these claims of what they write-off and how since they haven't been caught it must be legal. Like put a sign for your business and then all the sudden the entire motorhome is a tax write-off? Not a chance. The cost of the sign you put on the motorhome is a deduction under advertising expenses on the schedule C. Try putting a motorhome under advertising expenses and see how fast the audit comes.

I've been audited twice in 19 years. NO PROBLEM whatsoever and I do not have a sign on my RV because it is just transportation, not advertising. Some businesses DO NOT need advertising to make money. Transportation expenses can legally be deducted if you can show a business reason to be making the trip and this is easy if you have the right kind of business. It is easy to be legal if you use your common sense and just keep good records. In my case, the federal government automatically keeps a lot of my records for me, which makes it impossible for them to dispute. The IRS is something others fear, not me.

I guess I missed your point as to why this was addressed to me. You said what I said. Or are you just agreeing with me?

Because you mentioned that if you DON"T get audited you won't have a problem and how people make claims and have not been caught by the IRS. I pointed out that some of us have been audited and we do deduct many RV costs LEGALLY. It is NOT a claim if it is a fact.

I'm still lost. I'm talking about people doing things like putting a sign on the side of their RV and then writing off the entire cost of the RV. You said you don't do things like that. So again, don't understand your disagreement with what I said.

[rgatijnet1]

msmith1199 wrote:

rgatijnet1 wrote:

msmith1199 wrote:
Exactly Bob. In reality any of us can write off the entire cost of our motorhome and all of our toys. And you won't have a problem at all unless the IRS catches you. 🙂 If you don't get audited you're fine. If you do, you better get your checkbook out. I love how people make these claims of what they write-off and how since they haven't been caught it must be legal. Like put a sign for your business and then all the sudden the entire motorhome is a tax write-off? Not a chance. The cost of the sign you put on the motorhome is a deduction under advertising expenses on the schedule C. Try putting a motorhome under advertising expenses and see how fast the audit comes.

I've been audited twice in 19 years. NO PROBLEM whatsoever and I do not have a sign on my RV because it is just transportation, not advertising. Some businesses DO NOT need advertising to make money. Transportation expenses can legally be deducted if you can show a business reason to be making the trip and this is easy if you have the right kind of business. It is easy to be legal if you use your common sense and just keep good records. In my case, the federal government automatically keeps a lot of my records for me, which makes it impossible for them to dispute. The IRS is something others fear, not me.

I guess I missed your point as to why this was addressed to me. You said what I said. Or are you just agreeing with me?

Because you mentioned that if you DON"T get audited you won't have a problem and how people make claims and have not been caught by the IRS. I pointed out that some of us have been audited and we do deduct many RV costs LEGALLY. It is NOT a claim if it is a fact.

[msmith1199]

rgatijnet1 wrote:

msmith1199 wrote:
Exactly Bob. In reality any of us can write off the entire cost of our motorhome and all of our toys. And you won't have a problem at all unless the IRS catches you. 🙂 If you don't get audited you're fine. If you do, you better get your checkbook out. I love how people make these claims of what they write-off and how since they haven't been caught it must be legal. Like put a sign for your business and then all the sudden the entire motorhome is a tax write-off? Not a chance. The cost of the sign you put on the motorhome is a deduction under advertising expenses on the schedule C. Try putting a motorhome under advertising expenses and see how fast the audit comes.

I've been audited twice in 19 years. NO PROBLEM whatsoever and I do not have a sign on my RV because it is just transportation, not advertising. Some businesses DO NOT need advertising to make money. Transportation expenses can legally be deducted if you can show a business reason to be making the trip and this is easy if you have the right kind of business. It is easy to be legal if you use your common sense and just keep good records. In my case, the federal government automatically keeps a lot of my records for me, which makes it impossible for them to dispute. The IRS is something others fear, not me.

I guess I missed your point as to why this was addressed to me. You said what I said. Or are you just agreeing with me?

[Daveinet]

RayChez wrote:
Msmith, IF you use your motorhome as an office to run a business and you have a magnetic stick on, you can write off your coach. Same goes for your car IF it is needed to operate your business and you have to commute back and forth on it while on the job, it can also be wrote off. But you got to have that sign on the automobile doors showing that it is used for the business.

That seems a very odd requirement. The company I work for owns dozens of minivans. They are used by the salesmen and service department. None of them have any label or sign on them. It would be very rare for anyone to own a company car and have a sign on it.

BTW: I would like to see how you use a magnetic sign on a fiberglass or aluminum motorhome. 🙂

[RayChez]

ljr869 wrote:
If I had that much money to burn, I wouldn't be driving anything... I'd have a DRIVER.

Not me! Part of the fun is driving those toys. Can you just imagine driving a car that can speed up to 200 mph? I would not do it, but just the thought of driving one of them cars. WOW!

[ljr869]

If I had that much money to burn, I wouldn't be driving anything... I'd have a DRIVER.

[RayChez]

msmith1199 wrote:
If you legitimately use those items in your business then yes, you can write off the portion you use for business. But how to you use and RV, two motorcycles, and a Ferrari in a business? I guess it could be done but I doubt it.

Also if you are writing off those things in your business and you also use those things for personal use, and you aren't breaking the law, then you are backing out that personal use portion. So since Mr. Sausage King is also living in his RV, that is personal use and not business use.

Msmith, IF you use your motorhome as an office to run a business and you have a magnetic stick on, you can write off your coach. Same goes for your car IF it is needed to operate your business and you have to commute back and forth on it while on the job, it can also be wrote off. But you got to have that sign on the automobile doors showing that it is used for the business.

[rgatijnet1]

wnytaxman wrote:
Whenever you are dealing with taxes you have to realize that there is a little thing called "facts and circumstances" that plays into what can and can not be deducted. Do you have a legitimate business purpose for the expense? How much personal use do you utilize on that asset? Is it possible to deduct an RV in a business? Absolutely, if you have the right set of facts and circumstances.

If I'm a doctor who has an office practice, it's darn tough to justify writing off an RV. On the other side of the coin, if I'm in the business of supplying RVers and use my RV in that business then I would have a legitimate reason to write off the rig.

Facts and circumstances are the telling item with any deduction.

Exactly right. You and I have already had the discussion on how I legally deduct some of my RV travel expenses. I always figure that every penny I can legally keep away from the IRS is a penny in my pocket.