Reply
 
Thread Tools Search this Thread Display Modes
 
Old 05-01-2007, 08:28 PM   #29
Stray
 
1987 32' Excella
1978 28' Argosy 28
Springfield , Missouri
Join Date: Sep 2006
Posts: 314
For what it's worth, numerous Credit Bureau searches (which are normally done each time you activate, or apply to) by credit providers also negatively impact your credit score. The rating system will often assume: 1) a lot of searches means there may be a lot of unused credit capacity out there, or 2) a lot of searches must mean applicant has a lot of credit denials--Either assumption negatively impacts your score. I take corrections well, but it is my understanding that unsecured credit is considered consumer debt no matter what the purpose of loan was for, and therefore interest is not deductable. If loan is secured with a trailer that meets second home criteria, it of course would be. Varied opinions is why there are so many accountants and lawyers.
__________________

__________________
Stray
nohillgrish is offline   Reply With Quote
Old 05-01-2007, 08:43 PM   #30
Rivet Master
 
Jim Clark's Avatar
 
2012 28' International
Currently Looking...
New Orleans , Louisiana
Join Date: Apr 2002
Posts: 2,077
Images: 6
I believe you are correct. A quick search turned this up.
"Home mortgage interest is interest you pay on a loan secured by your main home or a second home. The loan may be a mortgage to buy your home, a second mortgage, a home equity loan, or a line of credit."

Tax Topics - Topic 505 Interest Expense
__________________

__________________
Jim N5TJZ Air# 174
2012 International Serenity 28
2005 Safari 25 SS Traded
1968 Globetrotter Sold
2011 F150 Ecoboost
Jim Clark is offline   Reply With Quote
Old 05-01-2007, 08:52 PM   #31
Stray
 
1987 32' Excella
1978 28' Argosy 28
Springfield , Missouri
Join Date: Sep 2006
Posts: 314
Thanks Jim--I appreciate you checking into this further. We've just got to figure out how to help our buddy Steve acquire that great looking trailer. My experience has been that you soon forget the first cost if you really like what you've purchased and it meets your needs. By the way, I have some kin folk in your fine state around Shrevport, Bossier City, Oil City & Vivian. Their testimony is that Louisana has some of the finest fishing waters in the country. Based on the quality and quanity of a few fish fry's I've enjoyed in the "Bayou" state, I tend to agree.
__________________
Stray
nohillgrish is offline   Reply With Quote
Old 05-01-2007, 10:31 PM   #32
2 Rivet Member
 
1998 31' Excella 1000
1964 24' Tradewind
Merrimack , New Hampshire
Join Date: Oct 2006
Posts: 86
Images: 2
Quote:
Originally Posted by mwinter
For an older unit, you don't have to worry about a rapid decline in value.
There is one caveat with that statement: fair market value. If you pay more than fmv for a used unit you can be sure it'll depreciate the moment you lay your hands on it. There is not enough information to determine if $17K is fmv.
__________________
golddigger is offline   Reply With Quote
Old 05-01-2007, 11:32 PM   #33
3 Rivet Member
 
mwinter's Avatar
 
Currently Looking...
Los Angeles , Massachusetts
Join Date: Apr 2007
Posts: 146
Found this online:

Write Off Interest Paid on a New Boat or RV. If you're buying a boat or an RV this summer, the interest you pay may be tax deductible. The National Association of Enrolled Agents (NAEA) offers the following strategies to qualify for tax-deductible financing:

1. Finance your purchase through a home-equity loan. According to IRS Publication 936, in most cases, regardless of what the loan proceeds are used for, homeowners can deduct the interest on a home equity loan of up to $100,000.

2. Qualify your purchase as a second home. If the boat or RV has sleeping, cooking, and toilet amenities, it may qualify as a second home, thus making the interest on the loan deductible. Just make sure that you pledge the boat or the RV as security for the loan to qualify for mortgage interest deductions.

M.W.
__________________


"
You just have to decide if you’re a Tigger or an Eeyore." - Randy Pausch
mwinter is offline   Reply With Quote
Old 05-01-2007, 11:36 PM   #34
3 Rivet Member
 
mwinter's Avatar
 
Currently Looking...
Los Angeles , Massachusetts
Join Date: Apr 2007
Posts: 146
Quote:
Originally Posted by golddigger
There is one caveat with that statement: fair market value. If you pay more than fmv for a used unit you can be sure it'll depreciate the moment you lay your hands on it. There is not enough information to determine if $17K is fmv.
Well, I guess I'll just have to continue my research so I know a good deal when it finally comes along!

M.W.
__________________


"
You just have to decide if you’re a Tigger or an Eeyore." - Randy Pausch
mwinter is offline   Reply With Quote
Old 05-01-2007, 11:48 PM   #35
Rivet Master
 
soldiermedic's Avatar
 
Currently Looking...
Florissant , USA
Join Date: Oct 2006
Posts: 5,083
The issue is time. I do not have the 3 weeks to allow for a Home equity loan to be processed. I COULD however take the personal loan, and then pay it off with a home equity loan later. This would allow intrest deduction, and provide a lower rate.

Steve
__________________
Streaming Soldiers Blog
soldiermedic is offline   Reply With Quote
Old 05-01-2007, 11:53 PM   #36
3 Rivet Member
 
mwinter's Avatar
 
Currently Looking...
Los Angeles , Massachusetts
Join Date: Apr 2007
Posts: 146
Quote:
Originally Posted by soldiermedic
The issue is time. I do not have the 3 weeks to allow for a Home equity loan to be processed. I COULD however take the personal loan, and then pay it off with a home equity loan later. This would allow intrest deduction, and provide a lower rate.

Steve
Steve,

Sounds like a good plan to take the personal loan now and pay it off with the home equity loan later. What are you buying, by the way? I seem to have missed that part somehow.

M.W.
__________________


"
You just have to decide if you’re a Tigger or an Eeyore." - Randy Pausch
mwinter is offline   Reply With Quote
Old 05-01-2007, 11:57 PM   #37
Rivet Master
 
soldiermedic's Avatar
 
Currently Looking...
Florissant , USA
Join Date: Oct 2006
Posts: 5,083
I am purchasing a completely refurbished 1956 Caravanner.

See link here:

56 Caravanner
__________________
Streaming Soldiers Blog
soldiermedic is offline   Reply With Quote
Old 05-02-2007, 12:25 AM   #38
3 Rivet Member
 
mwinter's Avatar
 
Currently Looking...
Los Angeles , Massachusetts
Join Date: Apr 2007
Posts: 146
Well, I am trying to be happy for you, but it's not easy with I'm this sick with jealousy. I WANT ONE LIKE THAT!!

It isn't fair!!!!

M.W.
__________________


"
You just have to decide if you’re a Tigger or an Eeyore." - Randy Pausch
mwinter is offline   Reply With Quote
Old 05-02-2007, 12:55 AM   #39
3 Rivet Member
 
mwinter's Avatar
 
Currently Looking...
Los Angeles , Massachusetts
Join Date: Apr 2007
Posts: 146
It's gorgeous, Steve. A unit like that will definitely hold it's value. If you ever need the money back, you can probably get it. I would love to have something that beautiful. Well done.

M.W.
__________________

__________________


"
You just have to decide if you’re a Tigger or an Eeyore." - Randy Pausch
mwinter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
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
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What paperwork to sign...and when redeagle313 Off Topic Forum 10 04-01-2005 01:14 PM


Virginia Campgrounds

Reviews provided by




Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 12:01 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.

Airstream is a registered trademark of Airstream Inc. All rights reserved. Airstream trademark used under license to Social Knowledge LLC.