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12-28-2006, 02:25 PM
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#1
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Montana Master
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
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Monty Tax Deductible?
Ok its almost tax time. Everyone I talked to before purchasing the Monty told me it was tax deductible just like a home on taxes when you go to file. Now some time has passed and I have had it out of my head for a while. Has anyone received a tax break when they purchased their unit? I am in Oklahoma so I don't know if that makes a big difference but I will soon find out.
T.I.A.
Phil
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12-28-2006, 02:39 PM
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#2
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Montana Master
Join Date: Jul 2003
Location: Clearwater
Posts: 10,917
M.O.C. #420
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The Interest on the loan on the Monty is deductible if you itemize.
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12-28-2006, 03:08 PM
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#3
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Montana Master
Join Date: Apr 2004
Location: Apple Valley
Posts: 1,574
M.O.C. #1358
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It sure is...like Glenn said. The same as a vacation home.
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12-28-2006, 03:17 PM
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#4
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Montana Master
Join Date: Jan 2004
Location: Down the Road
Posts: 5,627
M.O.C. #889
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You bet it is!
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12-28-2006, 04:16 PM
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#5
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Phil
It shouldn't matter the state. If you itemize, you can deduct the interest on a loan you have for the Monty just like your mortgage. Only exception is if you already are deducting a second home. The Monty is elgible because it is fully self contained. You can also deduct state taxes you pay each year for the tags. There may be other things your state allows.
Happy trails.....................
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12-28-2006, 05:26 PM
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#6
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Montana Master
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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Parrothead is right on the mark. I might just clarify that the amount you pay for your state tags are only deductible to the extent they are personal property taxes, the same way your car tags are.
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12-28-2006, 06:22 PM
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#7
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Mike, you are right but that varies by state (whether it is personal property or not) so I left it open to whatever state law is. In Calif. we cannot deduct all of the TV's tags because some of it is a weight fee. I use a computerized tax program now (use do it by hand - I am an accountant) and I always laugh when the program tells me our state tax and mortgage interest is higher than the average. Duh!!! Big reason we are getting out of Calif.
Happy trails...............................
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12-29-2006, 03:55 AM
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#8
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Montana Master
Join Date: Nov 2003
Location: Santa Fe Springs
Posts: 4,189
M.O.C. #639
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It's your second home, and is deductable all intrest on the IRS long form, I've been doing it for years, my motor home, and all the other trailers we owned in the past.
I heard that the IRS wants to take our home interest away from us too that will be interresting to see what dummy puts that in front of the law makers.
__________________
Pulling a 2004, 2980 RL an oldie but goodie.
Tow vehicle is a 2009 RED RAM 3500 DRW.
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12-29-2006, 04:32 AM
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#9
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Seasoned Camper
Join Date: May 2006
Location: Gainesville
Posts: 82
M.O.C. #5847
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Okie Guy:
The interest will be deductible for a second home. As a former Okie, I know that Oklahoma has an income tax so you need to check on that sales tax deduction. It was sit up for states like Texas that does not have a state income tax. At one time you could deduct sales tax that was over a certain amount. Not sure how that stands now. I did read that tax software will not have this deduction for a month or so because the tax law was oked so late. It is supposed to be there if you file on line. Hope this helps.
Charlotte
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12-29-2006, 12:16 PM
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#10
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Montana Master
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
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Thanks Guys! I appreciate all the input.
Happy New Years!
Phil
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12-29-2006, 05:39 PM
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#11
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Montana Master
Join Date: Jul 2006
Location: Liberty Lake
Posts: 2,310
M.O.C. #6088
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Talking about Sales Tax, the Congress just passed and the President signed a bill extending the sales tax deduction. I think it is good for 2006 & 2007. That is good for those of us living in Washington state. Not sure what other states are effected by this deduction.
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12-29-2006, 06:16 PM
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#12
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Montana Master
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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The sales tax deduction for those that itemize, is good for the entire US. What you can do is compare your sales tax amount to your state income tax deduction and take the largest. If you take the sales tax deduction you enter it on the state income tax deduction line of Schedule A and write "ST" next to it. If you electronically, file, the software can handle it, however, you will probably not be able to e-file until about mid-February because the IRS computers are not set for it yet. Obviously, if your state does not have an income tax, then the sales tax deduction is better. You may want to consult Publication 600 at www.irs.gov for further details.
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12-29-2006, 07:24 PM
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#13
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Montana Master
Join Date: Sep 2006
Location: Casa Grande
Posts: 5,369
M.O.C. #6333
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Mike, My TV and Monty are financed on the same loan (RV Loan), How do I seperate the interest on the TV versus the RV? Or do I need to worry about that?
Phil
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12-30-2006, 01:42 AM
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#14
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Montana Master
Join Date: Jan 2004
Location: Troy
Posts: 1,980
M.O.C. #808
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Phil, we actually used our home equity lone to do this financing. This allowed us to put both the Montana and tv on a tax deductable, interest only, loan. We have in the past paid for cars and BIG expenses the same way. BUT, now that we are retired, yeah, we don't make enough money to go long form for the irs. A note also, sometimes the interest is lower than on a car or truck or the Montana. I purchased the tv on an interest free loan, so no deduction there, but I used their money, so a good tradeoff! The dealer finance guy was real upset when I wrote them a check for the Montana, cause he didn't get a kick back. He couldn't match the interest rate. Just food for thought.
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12-30-2006, 05:01 AM
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#15
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Phil,
I would use a percentage method. What percent of the original loan was the TV. Then take that percentage of the interest off the total interest. Or you could use some of the loan calculators and run a report on each separately. An important factor is that you do it the same way every year. When I audited (I hate it BTW), consistency was always a factor in unusual situations.
Happy trails...................
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12-30-2006, 05:17 AM
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#16
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Montana Master
Join Date: Sep 2004
Location: Leona
Posts: 6,382
M.O.C. #2059
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Nice to have you tax pros around. Thanks for your input. Hecky darn, mine's paid, so no tax deduction.
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12-30-2006, 09:28 AM
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#17
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Montana Master
Join Date: Jun 2006
Location: Madison
Posts: 1,239
M.O.C. #5906
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Now I think I am confused. I know the interest on the Monty loan qualifys for a tax deduction because the rig has living, sleeping, cooking and bath facilities. I thought all sales tax was deductable as well. Granted most people don't add up the pennies and dimes on small purchases, but the large amounts of sales tax on big ticket items should be deductable. Am I wrong?
What computer tax programs do you folks use? Are they accurate enough that you can do your taxes without the assistance of a tax preparer? My tax preparer has increased his fee each year while reducing the number my deductions. I think his fear of an IRS audit is costing me legitimate deductions.
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12-30-2006, 01:35 PM
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#18
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Montana Master
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
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Don and Bonnie
I use Tax Cut just because I like it better than the others. Sales tax is deductible. If you make a major purchase, you can enter the amount. Otherwise the software calculates an amount based on income and your state and local sales tax. We were lucky in the first year this was implemented, we purchased the Monty. Then last year we purchased the TV. You can also keep track (hugh job) of all the sales tax you actually pay and enter that amount instead of the calculation based on income. Hope this helps your confusion. Unless you have a lot of complicated stuff, you can do your own with the software that is on the market. There are checks and balances all the way.
Happy trails....................
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12-30-2006, 02:18 PM
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#19
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Montana Master
Join Date: Jun 2006
Location: Madison
Posts: 1,239
M.O.C. #5906
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Sue and Ed,
Your reply is a perfect example. With my accountant there is no such thing as a sales tax deduction based on income. Without all of the receipts totaled up, no deduction. Thanks for your help. I have never heard of Tax Cut. Where can I get it?
Don
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12-30-2006, 02:49 PM
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#20
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Montana Master
Join Date: Jan 2004
Location: Down the Road
Posts: 5,627
M.O.C. #889
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I got in on the tax deal when I bought my coach and truck in 2004. Sure brought the refund amount up in a hurry. =)
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