IRS and RV's: Tax Deductible?

[AlCar]

I was told by someone that RV, if they have a bed, a kitchen, and a bathroom, can be considered a second home and thus deductible on your 1040 when you file taxes. I can't find anything about it in the tax forms. Can some one help me out on this matter?

[jeffcarp]

Just beware that if you are subject to alternate minimum tax (AMT) then the tax deduction for motorhomes goes away under that alternate calculation.

[ddschuman]

I don't believe it matters which state you live....when dealing with your Federal Tax Return, we all go by the same rules to my knowledge. Yes, you can deduct the interest of your RV loan on your Federal Return if you are able to itemize. This is assuming there is a loan on the RV. There is no deduction for cash sales. This is the info my CPA gave us last year. I have no idea what your state return (if you have one) allows. TX does not have a state return.

[Farm_Camp]

You can't get the right answer here. Others have given you good advise. Read the regulations carefully and/or consult a qualified tax accountant or attorney.

In my personal situation for example: My RV is financed and the interest would be deductible in many cases. But. Sadly - not in mine. My personal situation is that I can not do this. There could be other factors involved as well. It all depends on the individual and their personal situation.

[Tom_Diane]

In Iowa, as long as it has a designated kitchen, living room, bedroom and bath contained inside the RV, then you can deduct the interest, like a mortgage. Also we have a woodworking business and we could use it as a business deduction but cant have both. We were advised to take advantage of the interest and when its paid off we can continue taking a deduction for the business since we intend to take it to craft fairs and shows, if we are still doing it.

[wny_pat1]

Keep reading about Oh, WVa, VA, NC, CA and even Columbus. I think the OP was asking about federal tax interest deductions on a RV, so why does it matter what state or city one lives in?

[Martyn]

Terryallan wrote:
Here. They are considered a second, or vacation home, and the interest can be used for tax purposes as long as the collateral for the loan is the RV.

Correct. Been deducting interest on loan, as a second mortgage, for years.

[Bobbo]

As everyone else has said, the RV is not tax deductible, but the INTEREST on the loan for the RV is deductible as long as the loan is secured by the RV.

[Rollnhome]

You can if it meets the second home test. It is also a Federal deduction. Turbo Tax even has a line item for it in the deductions section.

[whiteeye42]

yes you can deduct the intrest on the trailer loan i have done it since 1999

[Aridon]

Yes you can deduct assuming your deductions total more than 12,200 or so I think it is for 2013. Otherwise you would just take the standard.

[Dandy_Dan]

AlCar wrote:
I was told by someone that RV, if they have a bed, a kitchen, and a bathroom, can be considered a second home and thus deductible on your 1040 when you file taxes. I can't find anything about it in the tax forms. Can some one help me out on this matter?

If the Columbus you refer to is in Ohio, YES you can deduct interest paid. It is considered a second home.

[crabbin_cabin]

AlCar wrote:
I was told by someone that RV, if they have a bed, a kitchen, and a bathroom, can be considered a second home and thus deductible on your 1040 when you file taxes. I can't find anything about it in the tax forms. Can some one help me out on this matter?

The INTEREST on your loan ( assuming you have one) is deductible as a second home (NOT a third or more!). The cost is not deductible.
As before - check with your tax accountable or ask IRS direct.

[kzspree320]

Terryallan wrote:
Here. They are considered a second, or vacation home, and the interest can be used for tax purposes as long as the collateral for the loan is the RV.

I am a retired CPA. This is the right answer if you itemize deductions. Read up on deducting interest on second homes.

[knshook]

Live in Ca and,yes,you can deduct interest. We have done so on two RV's.

[NC_Hauler]

Terryallan wrote:
Here. They are considered a second, or vacation home, and the interest can be used for tax purposes as long as the collateral for the loan is the RV.

Yep:)