 |
|
12-24-2017, 03:00 PM
|
#1
|
|
Site Team
Join Date: Jun 2011
Location: Wilsey
Posts: 18,799
M.O.C. #11455
|
Bad News in new Tax Bill
According to an article in RVTravel.com (who usually get things right) RVer's will still be able to deduct the interest on your RV payment as long as you own a Motorhome. The new bill supposedly defines an RV that you can deduct the interest from as having an engine and transmission. The RV industry association is supposed to be working on a correction in a bill later next year, but for now suppsedly you can't dectuct interest on your tow behind. 
|
|
|
|
12-24-2017, 08:09 PM
|
#2
|
|
Montana Master
Join Date: May 2017
Location: South East NC
Posts: 1,768
M.O.C. #19865
|
Saw that and now thinking I wish I had not bought new this year.
|
|
|
|
|
12-24-2017, 09:57 PM
|
#3
|
|
Site Team
Join Date: Sep 2017
Location: Oro Valley
Posts: 3,933
M.O.C. #20477
|
Should not be much impact with the increased standard deduction for most folks.
__________________
Zack and Donna plus Millie and Ranger
2018 3160RL
"Life is too short to stay indoors, enjoy the ride!"
|
|
|
|
|
12-25-2017, 09:04 AM
|
#4
|
|
Montana Master
Join Date: Jan 2005
Location: North Ridgeville
Posts: 20,229
M.O.C. #2839
|
Quote:
Originally Posted by AZ Traveler
Should not be much impact with the increased standard deduction for most folks.
|
[
Increased standard deduction but Personal deduction is eliminated .
|
|
|
|
|
12-25-2017, 09:50 AM
|
#5
|
|
Montana Master
Join Date: May 2017
Location: South East NC
Posts: 1,768
M.O.C. #19865
|
Some of us will still need to itemize...
|
|
|
|
|
12-25-2017, 10:28 AM
|
#6
|
|
Site Team
Join Date: Sep 2017
Location: Oro Valley
Posts: 3,933
M.O.C. #20477
|
As with any change there will be winners and losers. I hope congress changes the rules to include interest on trailers for those that need it.
__________________
Zack and Donna plus Millie and Ranger
2018 3160RL
"Life is too short to stay indoors, enjoy the ride!"
|
|
|
|
|
12-25-2017, 10:30 AM
|
#7
|
|
Montana Master
Join Date: Jul 2010
Location: Lake Havasu City AZ.
Posts: 1,811
M.O.C. #10552
|
Generally speaking, the interest on a RV is not all that much. That being said it helps when trying to drive itemized deductions above the standard deduction. I can assure you most people who file on turbo tax or the like will take it and will get a letter from the IRS asking for a copy of the registration to prove it is in fact a MH.
Love those letters helps keep me in business.
|
|
|
|
|
12-25-2017, 01:38 PM
|
#8
|
|
Site Team
Join Date: Oct 2005
Location: Carmichael - CA
Posts: 7,369
M.O.C. #4831
|
Let's try to keep this discussion on topic as suggested by Judy. Towards that end several off topic posts have been deleted.
__________________
Carl (n Susan)
There is more to life than fuel mileage.
2012 Montana 3700RL Big Sky Package towed by a 2015 Ford F350 6.7L PSD 4WD CC LWB
|
|
|
|
|
01-02-2018, 06:18 AM
|
#9
|
|
Montana Fan
Join Date: Nov 2017
Location: piseco
Posts: 258
M.O.C. #20884
|
Get a new TV at the same time and bundle the loan?
__________________
2020 AT4 3500 SRW Duramax SB
2018 Denali Duramax crew (traded)
2018.5 Montana 3811MS Legacy
Lippert AirRide pinbox / PullRite SuperLight hitch
|
|
|
|
|
01-02-2018, 07:10 AM
|
#10
|
|
Montana Master
Join Date: Aug 2015
Location: SWFL
Posts: 964
M.O.C. #17801
|
Sounds like an oversight resulting from rushed legislation or ignorance. I'll continue to take the deduction based on my reasonable interpretation that it takes a motorized unit to move the "living quarters" of the FW. If the IRS wants to split hairs, so be it.
__________________
2016 Montana 3711FL
2005 Ford F350, 6.0 diesel, short bed
Demco Hitchiker Auto Slide hitch
|
|
|
|
|
01-02-2018, 07:54 AM
|
#11
|
|
Montana Master
Join Date: May 2017
Location: South East NC
Posts: 1,768
M.O.C. #19865
|
Quote:
Originally Posted by phillyg
Sounds like an oversight resulting from rushed legislation or ignorance. I'll continue to take the deduction based on my reasonable interpretation that it takes a motorized unit to move the "living quarters" of the FW. If the IRS wants to split hairs, so be it.
|
I'll be OK without it but it would be nice. I'll pass unless they change it.
|
|
|
|
|
01-25-2018, 05:56 PM
|
#12
|
|
Montana Fan
Join Date: Jan 2018
Location: Box Elder
Posts: 247
M.O.C. #21057
|
RV dealer finance guru claims you can deduct all the interest you will pay over the entire
life of the loan in the first year of ownership. Just do not sell it or refinance it for at least 3 years
I would want to talk to a tax advisor about this. Does not sound right.
|
|
|
|
|
01-25-2018, 06:01 PM
|
#13
|
|
Site Team
Join Date: Sep 2017
Location: Oro Valley
Posts: 3,933
M.O.C. #20477
|
Quote:
Originally Posted by footz1941
RV dealer finance guru claims you can deduct all the interest you will pay over the entire
life of the loan in the first year of ownership. Just do not sell it or refinance it for at least 3 years
I would want to talk to a tax advisor about this. Does not sound right.
|
And he probably has ocean front property in AZ to sell.
__________________
Zack and Donna plus Millie and Ranger
2018 3160RL
"Life is too short to stay indoors, enjoy the ride!"
|
|
|
|
|
02-26-2018, 12:13 PM
|
#14
|
|
Montana Master
Join Date: Jun 2017
Location: POINTBLANK
Posts: 1,888
M.O.C. #19944
|
Works @ CW
__________________
 RAM 22' DRW 3500 Crew LB 40 gal reserve tank / RETRAX Bed Cover / 2020 373RD HC / IS / MOPEKA Tank Monitor / Furrion Side&Rear Cameras
Slide Toppers / EMS-HW50C / Sailun 85's
3rd AC / Dometic 320
|
|
|
|
|
01-27-2018, 01:35 PM
|
#15
|
|
Montana Master
Join Date: Sep 2017
Location: Willis
Posts: 896
M.O.C. #20587
|
Before I got too exited about all this new tax law tripe, I would look at
http://rv-dreams.typepad.com/rvdream...-on-rvers.html
__________________
2018 Montana 3791RD (SOLD)
2017 Ram 3500 DRW 6.7 Cummins Aisin, B&W RVK3600 (SOLD)
|
|
|
|
|
01-27-2018, 02:18 PM
|
#16
|
|
Montana Master
Join Date: Jul 2010
Location: Lake Havasu City AZ.
Posts: 1,811
M.O.C. #10552
|
Take from somebody who is in the tax business and has been for over 25 years.
You can deduct interest on a second home. Period. And a self contained RV is a second home. Period. I know the law says Moterhome but the intent is self contained RV. And the IRS will except that is the intent (per my convention with them).
You are going to hear and read from all types of people who don't know what they are talking about. Like the guy who said you can deduct all the interest on the loan in the first year. This guy is just stupid you can only deduct interest in the year it was paid.
I am sure this will raise all kinds of comments but so be it.
|
|
|
|
|
02-26-2018, 10:22 AM
|
#17
|
|
New Member
Join Date: Feb 2018
Location: Richland
Posts: 7
M.O.C. #21289
|
Thank you Waynemore. This is exactly what our tax preparer explained to us this year. We do not own a home (we rent one), and will be buying and beginning full-timing this year, so no interest deduction for us, lol. I'm not concerned about it though, this is what we choose to do.
|
|
|
|
|
02-26-2018, 11:24 AM
|
#18
|
|
Montana Master
Join Date: Sep 2014
Location: Full Timer In Naples, Florida
Posts: 1,049
M.O.C. #15731
|
Quote:
Originally Posted by waynemoore
Take from somebody who is in the tax business and has been for over 25 years.
You can deduct interest on a second home. Period. And a self contained RV is a second home. Period. I know the law says Moterhome but the intent is self contained RV. And the IRS will except that is the intent (per my convention with them).
You are going to hear and read from all types of people who don't know what they are talking about. Like the guy who said you can deduct all the interest on the loan in the first year. This guy is just stupid you can only deduct interest in the year it was paid.
I am sure this will raise all kinds of comments but so be it.
|
Question: Define self contained. We live full time in our 5th wheel.
__________________
2017, 3500 Ram Big Horn, 4x4, Crew Cab, DRW, Aisin Transmission, 4:10. Curt Q20, 2014 Mountaineer 331 RLT, Sailun's on the rv and truck.
|
|
|
|
|
02-26-2018, 11:42 AM
|
#19
|
|
Site Team
Join Date: Apr 2017
Location: Colorado Rockies
Posts: 1,922
M.O.C. #19755
|
Quote:
Originally Posted by waynemoore
T
You can deduct interest on a second home.
|
What qualifies an RV as a second home? Do you have to live in it for a certain amount of time or does just owning it make it a second home?
Thanks
__________________
Scott & Alta
2017 Montana 3160RL, Legacy, Onan 5.5Kw, Solar
2022 F-450 Lariat Ultimate
|
|
|
|
|
01-27-2018, 02:38 PM
|
#20
|
|
Montana Master
Join Date: May 2017
Location: South East NC
Posts: 1,768
M.O.C. #19865
|
^^^^^^^^^^ no, my CPA will handle all but writing the check. lol
|
|
|
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hybrid Mode
