RobWNY wrote:
You have to make sure you have enough other deductions to itemize. The standard deduction is so much now, most people can't. If you're discussing a 15 year note for 23K you likely are in the standard deduction category and wouldn't be able to write off a 2nd mortgage for an RV
Correct, which is why in MOST cases there is zero "benefit" as far as using a RV as a "second home" tax deduction, especially so in the case of a $23K RV loan.
People here seem to fall over themselves trying to qualify their RV for that deduction and generally unless you have a lot of qualified deductions to itemize your not going to get more than the standard deduction.. In other words, do not buy a RV with the sole idea that you can make out better on taxes because it may not work out that way.
In reality, you really get more bang for your buck by paying off your RV loan at a faster rate by making extra payments. The savings in interest will by far be more than any "tax savings".
