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02-01-2019, 07:51 PM
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#1
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Montana Fan
Join Date: Dec 2017
Location: neptune
Posts: 140
M.O.C. #20983
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taxes ?
Hi all. Anyone know if loan interest on new fiver is deductible this year.Thanks
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02-01-2019, 08:18 PM
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#2
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Montana Fan
Join Date: Oct 2018
Location: Humboldt
Posts: 176
M.O.C. #22879
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I think so. That is what the dealer told us anyway.
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02-01-2019, 08:29 PM
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#3
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Montana Fan
Join Date: Jun 2018
Location: Holladay
Posts: 209
M.O.C. #22087
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Yes it's a second home so long as it has the amenities like bathroom, kitchen with stove...
__________________
2019 HC 381TH
2021 Ram 3500 6.7 HO
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02-01-2019, 09:26 PM
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#4
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Established Member
Join Date: May 2018
Location: Granite Falls
Posts: 45
M.O.C. #21706
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Check publication 936 on the IRS.gov site. It covers qualified homes. But with the new standard deduction amount this will be the first time in 40 years we don’t itemize.
__________________
2017 3731FL / Andersen Ultimate Hitch /
2019 F450 Lariat Ultimate 4X4 Factory pucks
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02-02-2019, 06:39 AM
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#5
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Montana Fan
Join Date: Jun 2018
Location: Holladay
Posts: 209
M.O.C. #22087
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Quote:
Originally Posted by Pops8
Check publication 936 on the IRS.gov site. It covers qualified homes. But with the new standard deduction amount this will be the first time in 40 years we don’t itemize.
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The new standard deduction is high. If it wasn't for the fact that we just bought our rig last year I would probably take the standard also for itemizing would only get 100 more, maybe. However, with the sales tax and second mortgage I stand to receive a bit more.
By the way, years ago I had a 45' Hattaras Sport Fish that I claimed as a mortgage for many, many years because it fell under the same regs.
__________________
2019 HC 381TH
2021 Ram 3500 6.7 HO
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02-02-2019, 03:05 PM
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#6
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Montana Master
Join Date: Jul 2010
Location: Lake Havasu City AZ.
Posts: 1,811
M.O.C. #10552
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Quote:
Originally Posted by Pops8
Check publication 936 on the IRS.gov site. It covers qualified homes. But with the new standard deduction amount this will be the first time in 40 years we don’t itemize.
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Itemize as it may make a difference on the state return. May not but check it out.
__________________
Wayne and Ann Moore
2015 Ford F-350 King Ranch
Firestone air bags, bed saver.
Add 40 GAL tank in bed.
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02-02-2019, 05:36 AM
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#7
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Montana Master
Join Date: Jan 2018
Location: Thornville
Posts: 546
M.O.C. #21110
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I think your smartest bet is to ASK or HAVE a real accountant do your taxes then you will know. Largest majority of them are very smart and know the new tax rules/codes better than most common folks.
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Darwin & Carla
2018.5 3701LK Montana
2022 3500HD Denali Duramax SRW
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02-02-2019, 08:00 AM
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#8
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Montana Master
Join Date: Oct 2017
Location: Trinidad, TX
Posts: 506
M.O.C. #20746
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Years ago I tried to get a deduction on my 21' bass boat by putting a porta potty, a gas Coleman stove and a sleeping bag on the boat. I figured if DW kicks me out, that's where I would be living. However, the IRS said no dice.
Check with you CPA but usually a RV constitutes a second home.
__________________
2018 Ram 3500 Laramie Longhorn 4X4 Dually Cummins Aisin CC LB / B&W Companion hitch
50 Gallon Transfer Flow in bed tank w/ Trax 3
2018 Montana 3121RL
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02-02-2019, 08:41 AM
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#9
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Montana Fan
Join Date: Mar 2018
Location: Haysville
Posts: 107
M.O.C. #21399
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I have the last few years, it meets the requirements for a second home.
i use one of the tax programs and here is what is has.
Yes, in 2018 interest on your RV motor home will still qualify for the mortgage interest deduction if the RV qualifies as a second home. The only change is that mortgages are limited to $750,000 (instead of $1,000,000 in 2017).
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Brian and Tambra
Haysville
2018 - 3121RL - 2016 Ram 2500 6.4/4.10
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02-02-2019, 12:53 PM
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#10
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Montana Master
Join Date: Jan 2018
Location: Thornville
Posts: 546
M.O.C. #21110
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Quote:
Originally Posted by browens62
Yes, in 2018 interest on your RV motor home will still qualify for the mortgage interest deduction if the RV qualifies as a second home. The only change is that mortgages are limited to $750,000 (instead of $1,000,000 in 2017).
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It makes me question the verbiage in this statement. It says " RV motor home", does that require it to be a self powered unit?
This why we let our CPA figure this crap out one our coach and the tax liabilities/write offs for it.
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Darwin & Carla
2018.5 3701LK Montana
2022 3500HD Denali Duramax SRW
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02-11-2019, 04:13 PM
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#11
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Montana Master
Join Date: Jan 2018
Location: Northville, NY
Posts: 807
M.O.C. #21158
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Quote:
Originally Posted by CarWin
It makes me question the verbiage in this statement. It says " RV motor home", does that require it to be a self powered unit?
This why we let our CPA figure this crap out one our coach and the tax liabilities/write offs for it.
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IRS pub 936 clearly includes trailer as a qualified second home. It needs to include a bathroom, kitchen and bed.
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Jim B
2017 Lariat F-350 FX4, CC, SB, 6.7 PSD 4WD
2018 MONTY 3731FL, at our private winter site in GA
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02-02-2019, 03:07 PM
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#12
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Montana Master
Join Date: Jul 2010
Location: Lake Havasu City AZ.
Posts: 1,811
M.O.C. #10552
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Motor Home is the term the IRS uses for all recreational vehicls.
__________________
Wayne and Ann Moore
2015 Ford F-350 King Ranch
Firestone air bags, bed saver.
Add 40 GAL tank in bed.
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02-04-2019, 09:54 AM
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#13
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Montana Fan
Join Date: Dec 2017
Location: neptune
Posts: 140
M.O.C. #20983
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Thank you all.Very helpful.
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02-11-2019, 04:58 AM
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#14
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New Member
Join Date: Feb 2019
Location: hernando
Posts: 5
M.O.C. #23408
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Tax Deduction for RV interest
Yes you can deduct your interest on your RV. I have done this since I have had an RV. It is considered a residence so just deduct like you would mortgage interest.
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02-11-2019, 11:35 AM
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#15
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Established Member
Join Date: Apr 2018
Location: Williamsburg
Posts: 32
M.O.C. #21510
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Yes, it is considered a second home because it has a sleeping area, kitchen area and bathroom. But with the change in standard deductions we weren't able to itimize this year and claim it - something I was really counting on when we bought it!
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02-12-2019, 04:48 AM
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#16
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New Member
Join Date: Feb 2019
Location: hernando
Posts: 5
M.O.C. #23408
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Quote:
Originally Posted by LindaV
Yes, it is considered a second home because it has a sleeping area, kitchen area and bathroom. But with the change in standard deductions we weren't able to itimize this year and claim it - something I was really counting on when we bought it!
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I use turbo tax and I was able to deduct the fifth wheel interest as mortgage interest on an additional property. It lowered my tax liability the same as any mortgage interest.
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02-11-2019, 12:00 PM
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#17
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Montana Master
Join Date: Sep 2017
Location: Tacoma
Posts: 1,567
M.O.C. #20475
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Yes it's second home for part of the year!
__________________
Bob & Carol Washington St
2017 HC HM352RL 2018 Dodge 3500 laramie CC LB 4x4
Curt Q25 with puck system, Factory air bags
Happy Trails
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02-11-2019, 01:53 PM
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#18
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Gone Traveling
Join Date: Sep 2012
Location: ALBUQUERQUE
Posts: 248
M.O.C. #12840
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If you itemize, yes, but with the new standard deduction that and most people's charitable contributions make it not advantageous.
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02-11-2019, 03:57 PM
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#19
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Montana Master
Join Date: Jan 2018
Location: Thornville
Posts: 546
M.O.C. #21110
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We was fortunate in being able to still claim the interest on our loan this year. It was also stressed to us, that by getting an "RV" loan, it still made that write off possible. Had we gotten a "personal" loan for it, the interest is NOT a write off. It also helps that the DW owns her business, and we also use it for some client entertainment ,helping our cause.
__________________
Darwin & Carla
2018.5 3701LK Montana
2022 3500HD Denali Duramax SRW
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02-11-2019, 05:11 PM
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#20
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,552
M.O.C. #2283
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There might be another way to claim a tax deduction. If you own a business and can claim your camper is used for that business you may be able to write it off as a busines expense. I’ve never done it but I know several gunsmiths that go to benchrest shooting matches and write off their campers.
Lynwood
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