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code8
07-29-2006, 03:59 PM
Since several of you guys have RV's, I had a question about them. Next year, we plan on buying a Class C RV for the river. Now, do RV's quailify as a second home? Some people said yes if it has a toilet, running water and power. Some people that I asked said no, it's considered an automobile. Can some one shed some light. Also, can some items like rental space/storage, gas, maintance, insurance etc... be considered a tax right off. Any info about owning an RV would help. I'm doing my homework now for next year when we buy.
-Anthony :rollside:
Mod VP
07-29-2006, 04:15 PM
I believe you can only write off the interest on the loan.
And here's a very good website for RV's click here (http://www.rv.net/forums/index.cfm)
Trailer Park Casanova
07-29-2006, 04:36 PM
We looked into that issue too.
It's a mute point if you finance it with a Second/Home equity loan on your house because ya can write that off without a whole lotta strings attached.
What unit has caught your interest BTW?
Are they dealing with deep discounts? I imagine they are.
OCMerrill
07-29-2006, 06:47 PM
It is a second home tax deduction. The interest on the loan is deductible. Only one second home interest deduction allowed.
We have been claiming ours for eight years now and the net savings is something along the benefit side of owning one.
But...
Don't buy one just for this. You have to be ready to own one, as they are WORK! Resale is Bad to Hideous. Far worse than a boat or at least any I have owned.
JustMVG
07-29-2006, 09:32 PM
I love RV.net, those folks have given me more hints and fixes for my RV then i could have found anywhere else.
OCMerrill
07-30-2006, 05:32 AM
I love RV.net, those folks have given me more hints and fixes for my RV then i could have found anywhere else.
Great forum. I get to it through woodalls.com but its the same forum rv.net, good sam, and woodalls the big camping book.
Been a member there for years. It's not ***boat though.
http://www.woodalls.com/cforum/index.cfm?site=WPD
91nordic29
07-30-2006, 05:58 AM
i looked it up on the IRS site before we bought our boat and the requirements are: a built in sink, a toilet (porte potty) and a cooking source (doesnt have to be built - in, such as a coleman stove or a hibachi stored someplace on the vessell). :rollside:
of course, only the interest is deductible.