taxes ? - Montana Owners Club

joe direnzi · 02-01-2019, 07:51 PM

Hi all. Anyone know if loan interest on new fiver is deductible this year.Thanks

Joe Hollars · 02-01-2019, 08:18 PM

I think so. That is what the dealer told us anyway.

TennTom · 02-01-2019, 08:29 PM

Yes it's a second home so long as it has the amenities like bathroom, kitchen with stove...

Pops8 · 02-01-2019, 09:26 PM

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.

CarWin · 02-02-2019, 05:36 AM

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.

TennTom · 02-02-2019, 06:39 AM

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.

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.

RoadRunnerTR21 · 02-02-2019, 08:00 AM

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.

browens62 · 02-02-2019, 08:41 AM

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).

CarWin · 02-02-2019, 12:53 PM

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).

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.

waynemoore · 02-02-2019, 03:05 PM

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.

Itemize as it may make a difference on the state return. May not but check it out.

waynemoore · 02-02-2019, 03:07 PM

Motor Home is the term the IRS uses for all recreational vehicls.

joe direnzi · 02-04-2019, 09:54 AM

Thank you all.Very helpful.

anita1786 · 02-11-2019, 04:58 AM

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.

LindaV · 02-11-2019, 11:35 AM

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!

BuilderBob · 02-11-2019, 12:00 PM

Yes it's second home for part of the year!

McIver · 02-11-2019, 01:53 PM

If you itemize, yes, but with the new standard deduction that and most people's charitable contributions make it not advantageous.

CarWin · 02-11-2019, 03:57 PM

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.

DebNJim B · 02-11-2019, 04:13 PM

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.

IRS pub 936 clearly includes trailer as a qualified second home. It needs to include a bathroom, kitchen and bed.

mlh · 02-11-2019, 05:11 PM

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

waynemoore · 02-11-2019, 05:44 PM

Ok always do a SCH A because several states do not conform to the Federal tax law.

Ca and Az are two of the states that do not conform. They are the only ones I have done so far this year. I have clients in 16 states so I will have a better feel for this as the season goes on. So if you did a SCH A and you were subject to state tax last year file the form. It will not make a difference on the Federal return but it can on the state.

Better yet call your state taxing Authority and ask them if their state conforms to the federal tax laws.

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