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Old 01-05-2018, 05:36 PM   #1
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Seems the new Tax bill has a few surprizes in it.

this is from RV live article.

http://rvlife.com/new-tax-bill-2018/

seem towable RV owners got the screws.. but the motorhome etc got a break.
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Old 01-05-2018, 06:31 PM   #2
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In 2016 I wasn't able to itemize even with a house with a $125k balance. Even with the interest on my Airstream I wasn't able to itemize on top of my house interest so I paid off my Airstream. In Sweden if you are totally on welfare you still pay taxes. Everyone should have skin in the game.

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Old 01-05-2018, 06:54 PM   #3
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Not sure what the definition of a motor vehicle has to do with anything. Interest on RV loans is deductible as a second home. Interest on motor vehicle loans was only deductible for businesses. I'll admit I haven't read the bill, and it remains to be seen what the implementing IRS regulations will say, but it would seem to me that for most of us the deductability, subject to a dollar limitation, would not change.

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Old 01-05-2018, 07:30 PM   #4
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It'll be fine.
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Old 01-05-2018, 07:36 PM   #5
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Heloc

If anyone took out a Home Equity Line of Credit for their AS, they will NOT be able to write off the interest in 2018.
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Old 01-05-2018, 07:40 PM   #6
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It'll be fine.
How so?
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Old 01-05-2018, 08:05 PM   #7
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Al and Missy look correct to me. If you have sleeping, cooking and bathroom capability it qualifies as a second home. And the rules for HELOC deductibility haven’t changed as far as I know. But with the standard deduction doubling, it just might not make sense to itemize ...
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Old 01-05-2018, 08:08 PM   #8
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By the way — most folks’ first homes aren’t self-propelled, either. I think whoever wrote this article is wrong — bigly.
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Old 01-05-2018, 08:41 PM   #9
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Al and Missy look correct to me. If you have sleeping, cooking and bathroom capability it qualifies as a second home. And the rules for HELOC deductibility havenít changed as far as I know. But with the standard deduction doubling, it just might not make sense to itemize ...
Yes, as stated earlier the rules for HELOC have changed for 2018. You cannot write off the interest.
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Old 01-05-2018, 09:43 PM   #10
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I don't really understand the math of having to borrow money to buy a trailer, so don't really understand having the need to write-off the interest.

Kinda like a car loan, borrow money on something the goes down in value when driven off the lot, to pay interest on the money to buy it and by the time it's paid-off is worth at best .50 cent on the dollar paid, plus the personal property taxes (live in VA) on it each year as well.

My aunt once told me, if you can't pay cash for your car and toy's, you can't afford them. A rule that I have lived by for over 20 years, but then again my 2002 Excursion has 400K miles. But I don't have a payment.
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Old 01-05-2018, 09:52 PM   #11
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What he said...^
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Old 01-05-2018, 11:26 PM   #12
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Quote:
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Yes, as stated earlier the rules for HELOC have changed for 2018. You cannot write off the interest.
Oops...
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Old 01-06-2018, 03:39 AM   #13
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How so?
Standard deduction doubles. Actually makes things simpler. And no more ACA fine.

I'm sure they'll fix the "towable" exclusion, if there is one.
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Old 01-06-2018, 08:20 AM   #14
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Why would you buy an RV with a loan in the first place? It is a toy not a necessity.

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