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Old 12-24-2017, 04:00 PM   #1
DQDick
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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.
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Old 12-24-2017, 09:09 PM   #2
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Saw that and now thinking I wish I had not bought new this year.
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Old 12-24-2017, 10:57 PM   #3
AZ Traveler
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Should not be much impact with the increased standard deduction for most folks.
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Old 12-25-2017, 10:04 AM   #4
richfaa
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Originally Posted by AZ Traveler View Post
Should not be much impact with the increased standard deduction for most folks.
[

Increased standard deduction but Personal deduction is eliminated .
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Old 12-25-2017, 10:50 AM   #5
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Some of us will still need to itemize...
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Old 12-25-2017, 11:28 AM   #6
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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.
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Old 12-25-2017, 11:30 AM   #7
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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.
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Old 12-25-2017, 02:38 PM   #8
carl n susan
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Let's try to keep this discussion on topic as suggested by Judy. Towards that end several off topic posts have been deleted.
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Old 01-02-2018, 07:18 AM   #9
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Get a new TV at the same time and bundle the loan?
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Old 01-02-2018, 08:10 AM   #10
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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.
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Old 01-02-2018, 08:54 AM   #11
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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.
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Old 01-25-2018, 06:56 PM   #12
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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.
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Old 01-25-2018, 07:01 PM   #13
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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.
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Old 02-26-2018, 01:13 PM   #14
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Old 01-27-2018, 02:35 PM   #15
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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
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Old 01-27-2018, 03:18 PM   #16
waynemoore
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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.
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Old 02-26-2018, 11:22 AM   #17
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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.
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Old 02-26-2018, 12:24 PM   #18
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Quote:
Originally Posted by waynemoore View Post
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, 12:42 PM   #19
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Quote:
Originally Posted by waynemoore View Post
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 01-27-2018, 03:38 PM   #20
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^^^^^^^^^^ no, my CPA will handle all but writing the check. lol
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