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Tax Right off

gbsteph
Explorer
Explorer
So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?
19 REPLIES 19

thedavidzoo
Explorer II
Explorer II
We took the 30% credit (not deduction!) in 2016 for our extensive solar/lithium install by treating the TC as a second home. Made it much more palatable moneywise.:)
2014 Ram 3500 CrewCab Diesel DRW 4x4 4.10 Aisin, Torklift Fastguns, Upper Stableloads, Timbrens
2017 Northstar 12' STC
640W solar, 400Ah lithium LiFeMnPO4 batteries

Tal_IL
Explorer
Explorer
TXGearhead:

Here you go - https://comptroller.texas.gov/taxes/sales/use-tax.php

My employer in IL got dinged on this in an audit about 20 years ago. I was buying desktop computers from a vendor in another state for company use and we were not being charged sales tax. We got a tax bill equal to the IL sales tax rate.
35 miles from Normal, IL. As close to normal as I'll ever be.

2006 Country Coach Inspire Genoa 40ft

Kayteg1
Explorer II
Explorer II
deltabravo wrote:
I can't write off the interest because there is none. I paid cash for my 2018 Arctic Fox 992.
But I can write off the purchase as a business expense.


Those things are red flags for IRS.
For years I've been deducting home office expenses and big ones and never had audit.
My friend deducted pickup expenses in his construction business and got audited over it.

TxGearhead
Explorer II
Explorer II
Tal/IL wrote:
I bought it out of state and didn't pay sales tax.


Does your state have "use tax" for items purchased out of state? If so, that out of state purchase showing up on your tax filing might trigger a use tax bill.


I've been here in Texas for 70 years and never heard the term use tax.
2018 Ram 3500 CC LB DRW 4X4 Cummins Aisin Laramie Pearl White
2018 Landmark Oshkosh
2008 Bigfoot 25C9.4
2014 NauticStar 21 ShallowBay 150HP Yamaha
2016 GoDevil 18X44 35HP Surface Drive

deltabravo
Nomad
Nomad
I can't write off the interest because there is none. I paid cash for my 2018 Arctic Fox 992.
But I can write off the purchase as a business expense.
2009 Silverado 3500HD Dually, D/A, CCLB 4x4 (bought new 8/30/09)
2018 Arctic Fox 992 with an Onan 2500i "quiet" model generator

Tal_IL
Explorer
Explorer
I bought it out of state and didn't pay sales tax.


Does your state have "use tax" for items purchased out of state? If so, that out of state purchase showing up on your tax filing might trigger a use tax bill.
35 miles from Normal, IL. As close to normal as I'll ever be.

2006 Country Coach Inspire Genoa 40ft

gbsteph
Explorer
Explorer
Thanks to all. I bought it out of state and didn't pay sales tax. Will have to see what interest has been paid for this year...the year I purchased it...and see if it's worth it.

valhalla360
Nomad III
Nomad III
Dick_B wrote:
So if you are in a 10% tax bracket if you write off $100 in interest you cut $10 off your taxes.


Only if you exceed the $24k standard deduction and itemize. If not, you get nothing.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV

Grit_dog
Navigator
Navigator
gbsteph wrote:
So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?


Why are you interested in what others do on their taxes?
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5โ€ turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Dick_B
Explorer
Explorer
So if you are in a 10% tax bracket if you write off $100 in interest you cut $10 off your taxes.
Dick_B
2003 SunnyBrook 27FKS
2011 3/4 T Chevrolet Suburban
Equal-i-zer Hitch
One wife, two electric bikes (both Currie Tech Path+ models)

valhalla360
Nomad III
Nomad III
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.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV

srschang
Nomad
Nomad
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.


2022 Ram 3500 Dually Crewcab Longbed Cummins, 2019 Northstar 12 STC

wapiticountry
Explorer
Explorer
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.

TxGearhead
Explorer II
Explorer II
^^Well Played. LOL
2018 Ram 3500 CC LB DRW 4X4 Cummins Aisin Laramie Pearl White
2018 Landmark Oshkosh
2008 Bigfoot 25C9.4
2014 NauticStar 21 ShallowBay 150HP Yamaha
2016 GoDevil 18X44 35HP Surface Drive