Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×
 

Go Back   Montana Owners Club - Keystone Montana 5th Wheel Forum > GENERAL DISCUSSIONS > Insurance
Click Here to Login

Reply
 
Thread Tools Search this Thread Display Modes
 
Old 12-28-2006, 02:25 PM   #1
Okie Guy
Montana Master
 
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
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
 
Okie Guy is offline   Reply With Quote
Old 12-28-2006, 02:39 PM   #2
Glenn and Lorraine
Montana Master
 
Join Date: Jul 2003
Location: Clearwater
Posts: 10,917
M.O.C. #420
The Interest on the loan on the Monty is deductible if you itemize.
Glenn and Lorraine is offline   Reply With Quote
Old 12-28-2006, 03:08 PM   #3
Ozzie
Montana Master
 
Join Date: Apr 2004
Location: Apple Valley
Posts: 1,574
M.O.C. #1358
Send a message via MSN to Ozzie
It sure is...like Glenn said. The same as a vacation home.
Ozzie is offline   Reply With Quote
Old 12-28-2006, 03:17 PM   #4
Montana Sky
Montana Master
 
Join Date: Jan 2004
Location: Down the Road
Posts: 5,627
M.O.C. #889
You bet it is!
Montana Sky is offline   Reply With Quote
Old 12-28-2006, 04:16 PM   #5
Parrothead
Montana Master
 
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
Send a message via MSN to Parrothead
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.....................
Parrothead is offline   Reply With Quote
Old 12-28-2006, 05:26 PM   #6
MAMalody
Montana Master
 
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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.
MAMalody is offline   Reply With Quote
Old 12-28-2006, 06:22 PM   #7
Parrothead
Montana Master
 
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
Send a message via MSN to Parrothead
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...............................
Parrothead is offline   Reply With Quote
Old 12-29-2006, 03:55 AM   #8
Trailer Trash 2
Montana Master
 
Trailer Trash 2's Avatar
 
Join Date: Nov 2003
Location: Santa Fe Springs
Posts: 4,189
M.O.C. #639
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.
Trailer Trash 2 is offline   Reply With Quote
Old 12-29-2006, 04:32 AM   #9
Charlotte
Seasoned Camper
 
Join Date: May 2006
Location: Gainesville
Posts: 82
M.O.C. #5847
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
Charlotte is offline   Reply With Quote
Old 12-29-2006, 12:16 PM   #10
Okie Guy
Montana Master
 
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
Thanks Guys! I appreciate all the input.
Happy New Years!
Phil
Okie Guy is offline   Reply With Quote
Old 12-29-2006, 05:39 PM   #11
DONnANNIE
Montana Master
 
Join Date: Jul 2006
Location: Liberty Lake
Posts: 2,310
M.O.C. #6088
Send a message via AIM to DONnANNIE Send a message via Yahoo to DONnANNIE
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.
DONnANNIE is offline   Reply With Quote
Old 12-29-2006, 06:16 PM   #12
MAMalody
Montana Master
 
Join Date: Jul 2006
Location: Pasco
Posts: 986
M.O.C. #5972
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.
MAMalody is offline   Reply With Quote
Old 12-29-2006, 07:24 PM   #13
exav8tr
Montana Master
 
Join Date: Sep 2006
Location: Casa Grande
Posts: 5,369
M.O.C. #6333
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
exav8tr is offline   Reply With Quote
Old 12-30-2006, 01:42 AM   #14
Emmel
Montana Master
 
Join Date: Jan 2004
Location: Troy
Posts: 1,980
M.O.C. #808
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.
Emmel is offline   Reply With Quote
Old 12-30-2006, 05:01 AM   #15
Parrothead
Montana Master
 
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
Send a message via MSN to Parrothead
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...................
Parrothead is offline   Reply With Quote
Old 12-30-2006, 05:17 AM   #16
stiles watson
Montana Master
 
Join Date: Sep 2004
Location: Leona
Posts: 6,382
M.O.C. #2059
Nice to have you tax pros around. Thanks for your input. Hecky darn, mine's paid, so no tax deduction.
stiles watson is offline   Reply With Quote
Old 12-30-2006, 09:28 AM   #17
DonandBonnie
Montana Master
 
Join Date: Jun 2006
Location: Madison
Posts: 1,239
M.O.C. #5906
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.
DonandBonnie is offline   Reply With Quote
Old 12-30-2006, 01:35 PM   #18
Parrothead
Montana Master
 
Join Date: Aug 2004
Location: Fallon
Posts: 6,064
M.O.C. #1989
Send a message via MSN to Parrothead
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....................
Parrothead is offline   Reply With Quote
Old 12-30-2006, 02:18 PM   #19
DonandBonnie
Montana Master
 
Join Date: Jun 2006
Location: Madison
Posts: 1,239
M.O.C. #5906
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
DonandBonnie is offline   Reply With Quote
Old 12-30-2006, 02:49 PM   #20
Montana Sky
Montana Master
 
Join Date: Jan 2004
Location: Down the Road
Posts: 5,627
M.O.C. #889
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. =)
Montana Sky is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Off to get the Monty andylparish Member News 13 04-30-2015 07:30 PM
Another new Monty sobeitbk New Member Introductions 13 10-18-2012 04:02 PM
New to us Monty! Chasnracin General Discussions about our Montanas 15 05-29-2012 06:00 AM
We have a new Monty; Bob Pasternak General Discussions about our Montanas 25 03-05-2006 03:37 AM
Our Monty is gone: Bob Pasternak General Discussions about our Montanas 11 02-27-2006 01:18 PM

» Featured Campgrounds

Reviews provided by

Powered by vBadvanced CMPS v3.2.3
Disclaimer:

This website is not affiliated with or endorsed by Montana RV, Keystone RV Company or any of its affiliates. This is an independent, unofficial site.


All times are GMT -6. The time now is 02:31 AM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2024, vBulletin Solutions, Inc.