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Old 02-26-2018, 11:24 AM   #21
Eagleback
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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.
 
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Old 02-26-2018, 11:26 AM   #22
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Generally speaking it has cooking and toilet facilities.
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Old 02-26-2018, 11:42 AM   #23
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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
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Old 02-26-2018, 12:13 PM   #24
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Old 02-26-2018, 01:14 PM   #25
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Will I when to my tax person and give them all my paper work and they deducted it. I feel that if my tax person said it ok then it on them not me.
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Old 02-26-2018, 01:23 PM   #26
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We have no problems.No Mortgage on S&B, NO RV payment it is only Helen and I and we have not been able to itemize deductions for years.
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Old 02-26-2018, 02:31 PM   #27
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Thanks WAYNEMOORE, I like your style.
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Old 02-26-2018, 05:25 PM   #28
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Will I when to my tax person and give them all my paper work and they deducted it. I feel that if my tax person said it ok then it on them not me.
Ur no. After using an accountant for over 35 years, it’s your responsibility. You are the guy that’s going to pay the tax and Interest not your tax preparer.
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Old 02-26-2018, 05:48 PM   #29
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Oh, alright. Well, thank you for this information, I really appreciate it.
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Old 02-27-2018, 04:40 AM   #30
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We have no problems.No Mortgage on S&B, NO RV payment it is only Helen and I and we have not been able to itemize deductions for years.

Ha. Us aviation types must think alike.


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Old 02-27-2018, 05:37 AM   #31
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We financed for a year when we bought either of our last 5ers. The interest payments on those loans were so minuscule as to not even helping our tax costs. I, and that's just my personal opinion, would only worry if I were to have bought a 6 to 7 figure motor home with payments spread over 20 years (phew!), not a mid to high 5 figure 5th wheel
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Old 02-27-2018, 06:55 AM   #32
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We have no problems.No Mortgage on S&B, NO RV payment it is only Helen and I and we have not been able to itemize deductions for years.
Campers are a toy for me and I do not finance toys. I have never been able to itemized. I think we would all be better off if nobody could itemize. That would force people to buy what they could afford.
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Old 02-27-2018, 07:06 AM   #33
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Campers are a toy for me and I do not finance toys. I have never been able to itemized. I think we would all be better off if nobody could itemize. That would force people to buy what they could afford.
Lynwood

Lynwood - it cost us less interest dollars to finance the 5er for a year then the loss of income on our investments which we would have needed to break into. This may be why others finance for short periods. If I had to finance something for 3, 4, 5 or more years, it just wont happen.
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Old 02-27-2018, 07:51 AM   #34
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Ha. Us aviation types must think alike.


John - 2016 3820FK
Well we always had a job.
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Old 02-27-2018, 09:24 AM   #35
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Trying to figure the best way to get one over on the taxman is not the best financial planning.

It's always been a good rule of thumb to never borrow money for a depreciating asset. An RV would fall into that category... pay cash, FWIW. Problem solved.

For many, it's not as simple as that, but having a good financial plan will confirm or disprove the validity the idea of borrowing for each individual case. Don't simply tell yourself you can afford the payments.... that's usually a warning sign that you probably can't. Remember life happens along the way, one expensive event or a loss of income can really ruin your day if you are saddled with debt already. No payment means freedom and the ability to choose what happens next in such a scenario.

JMHO
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Old 02-27-2018, 09:47 AM   #36
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The guidance I got: "If you need to borrow money for cars or toys you can't afford to retire yet." It has served me well - if I can't pay cash, I don't need it.
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Old 02-27-2018, 10:32 AM   #37
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Investments were paying in the 6.5% - 8% range. Now paying more. If the investment return drops to even near the 3.375% on the loan I'll pay it off. Until then the tax deduction saves a couple dollars too.
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Old 02-27-2018, 12:19 PM   #38
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Lynwood - it cost us less interest dollars to finance the 5er for a year then the loss of income on our investments which we would have needed to break into. This may be why others finance for short periods. If I had to finance something for 3, 4, 5 or more years, it just wont happen.
You are right, it sure does. I’m to a point in my life I don’t finance. We keep enough in other accounts to pay for anything we might need or won’t, yes I know that isn’t smart either. You just can’t never tell when you might check out for the final time.
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Old 07-12-2018, 03:37 PM   #39
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My RV does have a motor and a transmission.. It's part of the Truck when traveling... The Fifth wheel is under my Vehicle Insurance.. engine and a tranny...
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Old 07-12-2018, 03:43 PM   #40
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All should ignore this false rumor.
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