Taking off the RV Loan Interest on your Taxes

[WmKrahling]

I just went to an RV show and one of the salesman told me that you can take the
interest on you RV loan off your taxes.

Any CPA's out there want to comment on this insight. He said, because it could
be considered a second home. It is self contained and you could life in it.
This is great if true, but I thing every RV salesman would have this posted.

Sound too good to be true.

[Mark J Strawcutter]

>I just went to an RV show and one of the salesman told me that you can take the
>interest on you RV loan off your taxes.

Can be deducted from your income as mortgage interest if the unit has sleeping,
cooking and toilet facilities. You must be able to itemize deductions.

Do a deja search for many postings/info on the subject, including some research
done by a tax lawyer (I think that's what he is/was).

Mark J Strawcutter
Indiana PA
'97 Coleman Key West

[Gale L.]

There was HUGE discussion about this exact subject within the last year or
so in this group.

We DO deduct a portion of the interest on our camper loan from our taxes.
Our Accountant just needs to see the statement from the bank with the
interest amount, and a receipt for the bill of sale for the camper itself.

You can deduct the interest from a camper or boat as a second residence ...
provided it has some type of potty facility, sink, and stove burners I
believe. I know a lot of folks here probably do not agree with this
deduction, but we've done it for the past 2 years without a problem. Our
Accountant is certified to stand in front of the board of IRS, and said
there is no risk whatsoever in taking the deduction provided the unit
(camper/boat) meets all the criteria, and that the paperwork is in order to
prove it should one get audited.

--

Gale L.
N. E. Illinois
95 Coleman Chesapeake
97 Chevy Blazer LT
89 Palm Beach Pontoon Boat
Husband = Mark
1 Border Collie + 1 Springer Spaniel

"WmKrahling" <wmkra...@aol.com> wrote in message
news:20010211121232...@ng-cr1.aol.com...

[JimM]

In article <20010211121232...@ng-cr1.aol.com>,
wmkra...@aol.com says...

Yes you can. I'm doing it this year. My tax guy confirmed it. To do so
your camper must have sleeping, cooking/dining, and BATHROOM facilities.
It's the bathroom part that will get a lot of people. A portapotie
doesn't count. It must be part of the camper.

--
Thanks,
JimM

[wand...@my-deja.com]

In article <20010211121232...@ng-cr1.aol.com>,

If your trailer doesn't have the necessary accommadations, try a
home equity loan. They are deductible. Interest may be better too.

wandrr79
00 Coleman Utah
89 Suburban

Sent via Deja.com
http://www.deja.com/

[phoneman]

Try a Deja search for "l*meyer4" on the date 6/11/99
he is the knowledgeable person who posted his opinion on
this exact subject....

Vern

wand...@my-deja.com

[Mark J Strawcutter]

>Yes you can. I'm doing it this year. My tax guy confirmed it. To do so
>your camper must have sleeping, cooking/dining, and BATHROOM facilities.
>It's the bathroom part that will get a lot of people. A portapotie
>doesn't count. It must be part of the camper.

The IRS publication requires sleeping, cooking and toilet facilities.

Nothing about dining, nothing about bathing, nothing about a portapotti
not counting.

[Mark J Strawcutter]

> If your trailer doesn't have the necessary accommadations, try a
>home equity loan. They are deductible. Interest may be better too.

Don't forget the credit union. Mine was willing to give a new car loan
for the camper. Consistently better rates than home equity loans, even
when figuring in the tax deduction.

[Bill]

In our case we are out of luck. We were stupid enough to have paid cash!

Oh well....

P.S. I asked my friend (college room mate MSU '81) who is a tax attorney and
his opinion was no.

--
Bill & Sharon
2 girls (11 & 7)
1 big boy (4)
99 Coleman Niagara
99 Ford F-150, 00 E-150
Michigan

[JMGraves]

I did even one better ! ! !

I financed our PopUp . . . with a Home Equity Loan . . . from our Credit
Union ! ! !

BEST OF BOTH WORLDS . . . Good rate AND deductible interest!!!

--
Mike & Tammy Graves
Grayson, GA
'00 Coleman SunValley
'98 Ford F150 XLT Lariat

"Mark J Strawcutter" <mjs...@grove.iup.edu> wrote in message
news:t8e4n5o...@corp.supernews.com...

[Mark J Strawcutter]

>P.S. I asked my friend (college room mate MSU '81) who is a tax attorney and
>his opinion was no.

Ask 3 tax attorneys a question and get 5 opinions...

[Mark J Strawcutter]

>I financed our PopUp . . . with a Home Equity Loan . . . from our Credit
>Union ! ! !
>
>BEST OF BOTH WORLDS . . . Good rate AND deductible interest!!!

Even though my credit union gave me an auto loan (their only requirement
was that the thing have a title), the interest was still deductable.
The camper met the requirements for a 2nd home which secured the loan.

My CU is kinda strange - new car loans are usually lower rate than home
equity. Go figure.

[Bill]

>Ask 3 tax attorneys a question and get 5 opinions...

Absolutely true. I send him all of the attorney jokes I can find. Good thing
he has a sense of humor!

He is a very good attorney, although not a CPA. He does do many folks taxes
(not sure if he specializes or just for more profit).

I used to use him, but found him to be too conservative. (also took forever,
because he is very busy). The price was great though (dinner and a night
out).

Take care.

--
Bill & Sharon
2 girls (11 & 7)
1 big boy (4)
99 Coleman Niagara
99 Ford F-150

Michigan

[Wizard4440]

JM brags:

> I did even one better ! ! !
>
> I financed our PopUp . . . with a Home Equity Loan . . . from our Credit
> Union ! ! !
>
> BEST OF BOTH WORLDS . . . Good rate AND deductible interest!!!

Well, I hate to one up ya...(not really,hehehe) but I went to my bank and
borrowed the money against one of my CD's. In essence I am paid about a 1%
interest. I have heard of others borrowing against their IRA's, etc. through
their business. Some will only allow you to do this if it is an emergency,
others are more flexible.

--
~Jim~
"Indecision is the key to flexibility"
"JMGraves" <jmgr...@mindspring.com> wrote in message
news:967l8d$90i$1...@slb2.atl.mindspring.net...

[Andrew]

Damn, you Americans have it good. In Canada not even the interest on my home
mortage is tax deductable.

"JMGraves" <jmgr...@mindspring.com> wrote in message
news:967l8d$90i$1...@slb2.atl.mindspring.net...

[Kate H.]

>Can be deducted from your income as mortgage interest if the unit has
>sleeping,
>cooking and toilet facilities. You must be able to itemize deductions.
>

Well, next time we buy a popup we will have to finance it instead of paying for
it!

Too little, too late. . .
~~~Kate
1999 Coleman Cheyenne
2000 Ford Club Wagon E-150 XLT

"My Child is an Honor Student at Domestica Schola" ;)
"These ARE the good old days!"

[Jim Redelfs]

In article <t8eoshs...@corp.supernews.com>, mjs...@grove.iup.edu wrote:

> Ask 3 tax attorneys a question and get 5 opinions...

...only after you pay their retainer fee!

:)
JR

[Jim Redelfs]

In article <L4Mh6.16838$wI1.1...@news1.rdc1.mb.home.com>, "Andrew"
<an...@home.com> wrote:

> Damn, you Americans have it good. In Canada not even the interest on my home
> mortage is tax deductable.

Sheesh! All that, a crappy exchange rate and your winter weather.

:)
JR

[Mark J Strawcutter]

>> Ask 3 tax attorneys a question and get 5 opinions...
>

>....only after you pay their retainer fee!

I thought that was what orthodontists charged...

[Jim Redelfs]

In article <t8h3gr4...@corp.supernews.com>, mjs...@grove.iup.edu wrote:

> > Ask 3 tax attorneys a question and get 5 opinions...

> > ....only after you pay their retainer fee!

> I thought that was what orthodontists charged...

Oh, boo hiss!
<BG>
JR

[Paul Peasley]

If you want to know what the IRS says, go to
http://www.irs.gov/plain/forms_pubs/pubs/p936toc.htm

Paul

"WmKrahling" <wmkra...@aol.com> wrote in message
news:20010211121232...@ng-cr1.aol.com...