Reply
 
Thread Tools Search this Thread Display Modes
 
Old 03-07-2011, 08:40 AM   #1
2 Rivet Member
 
boutdoors's Avatar
 
2010 16' Sport
Madison , Wisconsin
Join Date: Jan 2010
Posts: 91
Images: 7
AS Tax Deduction as Second Home

HI All,
As April gets closer and closer I am working on my taxes. yah.

I have read that you can deduct the interest you pay on your AS loan as a second home. Found IRS Pub. 936 and it states that:

"Qualified Home
. . . A home includes a . . . mobile home, house trailer, boat or similar property that has sleeping, cooking, and toilet facilities."

And as long as the loan is secured by the AS it can be counted as a second home.

Just want to see who has done this write off in the past and not had any problems with the IRS. Don't want to put a stick in the hornets nest.

Thanks.
__________________

__________________
boutdoors is offline   Reply With Quote
Old 03-07-2011, 09:02 AM   #2
Rivet Master<br><img src="/ugala/forums/images/5rivet.gif">
 
CanoeStream's Avatar

 
2006 25' Safari FB SE
St. Cloud , Minnesota
Join Date: Aug 2003
Posts: 13,279
Images: 19
Blog Entries: 3
You are correct -- this is the way it works. Galley + bathroom are the keys I always understood. Looks like your reading added the probably obvious sleeping area. Itemize on Schedule A. I'd have to dig to determine if I used line 10 or 11 -- all depends on having a Form 1098 in your mitts. I had no problem with this when I financed for a period when purchasing my '06. Never brought a question from the IRS at all.

Prolly shouldn't double-deduct if using a home equity loan of course. Though it wouldn't be savvy to buy a 'Stream that way. Want to rule out somebody thinking "I read it here!" and jumping over the cliff.
__________________

__________________
Bob

5 meter Langford Nahanni

CanoeStream is offline   Reply With Quote
Old 03-07-2011, 10:15 AM   #3
2 Rivet Member
 
boutdoors's Avatar
 
2010 16' Sport
Madison , Wisconsin
Join Date: Jan 2010
Posts: 91
Images: 7
Thanks Canoe for confirming what I thought. I did not use a home equity loan and your right that would not be "savvy streamn'"

Thanks.
__________________
boutdoors is offline   Reply With Quote
Old 03-07-2011, 10:15 AM   #4
4 Rivet Member
 
withidl's Avatar
 
2002 31' Classic
Houston , Texas
Join Date: Oct 2004
Posts: 440
Images: 1
Yes, you can deduct the interest. I did so for several years before paying the AS off.
__________________
withidl is offline   Reply With Quote
Old 03-07-2011, 10:19 AM   #5
Aluminatic
 
wworx's Avatar
 
1966 20' Globetrotter
Norwell , Massachusetts
Join Date: Jan 2010
Posts: 77
Yep - did it with our SOB motorhome when we had it.
__________________
___________________________
Greg & Mary
Take the high road... the return trip is easier.
Trotterworx - Refurb of 66 Globetrotter BLOG -
http://trotterworx.blogspot.com/
TAC MA-7
wworx is offline   Reply With Quote
Old 03-07-2011, 01:29 PM   #6
Rivet Master
 
dznf0g's Avatar

 
2007 30' Classic
Oswego , Illinois
Join Date: Jul 2010
Posts: 9,401
Images: 5
All true, I think you must "live" in it 2 weeks a year also. Not an issue!
__________________
dznf0g is offline   Reply With Quote
Old 03-07-2011, 03:00 PM   #7
4 Rivet Member
 
au_ee's Avatar
 
2007 31' Classic
Pulaski , Tennessee
Join Date: Jul 2007
Posts: 261
Images: 3
I agree with others. We've used this deduction for years with no problem.
__________________
au_ee is offline   Reply With Quote
Old 03-07-2011, 03:07 PM   #8
2 Rivet Member
 
lylesgl's Avatar
 
2007 27' Safari FB SE
Springfield , Virginia
Join Date: Aug 2010
Posts: 82
I've taken the deduction with no problems from the IRS
__________________
lylesgl is offline   Reply With Quote
Old 03-07-2011, 03:48 PM   #9
4 Rivet Member
 
lucymcdog's Avatar
 
1965 24' Tradewind
Saguache , Colorado
Join Date: Apr 2010
Posts: 309
Images: 7
Blog Entries: 3
Quote:
Originally Posted by dznf0g View Post
All true, I think you must "live" in it 2 weeks a year also. Not an issue!
So, can I deduct the cost of and all the expenses of renovating my 1960 AS if I live in it 2 weeks/year?
__________________
lucymcdog is offline   Reply With Quote
Old 03-07-2011, 05:33 PM   #10
2 Rivet Member
 
1988 34' Excella
Orlando , Florida
Join Date: Jan 2010
Posts: 40
If you purchase an AS and obtain a loan to make that purchase then the interest you pay on the loan is the only deductible item. It is included on Schedule A (itmeized deductions) just like the mortgage interest you pay on your first or other home. You cannot deduct any expenses for renovatin or improvements to your AS.
__________________
Mike Eagle is offline   Reply With Quote
Old 03-07-2011, 06:38 PM   #11
4 Rivet Member
 
Michigander's Avatar
 
2005 30' Land Yacht 30 SL
Oakland County , Michigan
Join Date: Jul 2007
Posts: 491
Wow, I never knew this. Sounds like something to investigate. Thanks for the tip.
__________________
Bob & Nancy
2005 ASLYG 30 SO
2009 Wrangler Toad
Michigan
Michigander is offline   Reply With Quote
Old 03-07-2011, 07:46 PM   #12
4 Rivet Member
 
spenfolder's Avatar

 
2006 16' International CCD
Salt Lake City , Utah
Join Date: Feb 2008
Posts: 269
Images: 3
I have deducted my interest for the past 2 years now. Not a problem. My CPA suggested it.
__________________
spenfolder is offline   Reply With Quote
Old 03-07-2011, 08:16 PM   #13
2 Rivet Member
 
boutdoors's Avatar
 
2010 16' Sport
Madison , Wisconsin
Join Date: Jan 2010
Posts: 91
Images: 7
I wonder how many Airstreamers with loans don't know about this. When we purchased last year our dealer said something about off-hand, and I really did not take him seriously.

We are pretty conservative when it comes to write-offs for fear of the tax-man, but definitely taking advantage of it this year.
__________________
boutdoors is offline   Reply With Quote
Old 03-07-2011, 08:26 PM   #14
2 Rivet Member
 
normandgrace's Avatar
 
2005 33' Land Yacht Gas 33
pembroke pines , Florida
Join Date: Mar 2006
Posts: 34
negative. i did this and the irs came back and wanted the back taxes owed. you can only deduct it if you tie the loan to your home mortgage according to the irs and my accountant. i had a simple interest loan that was not deductable. i have a 33' airstream land yacht motorhome and this equaled almost $6000 in taxes they wanted over a 3 year period. there was no way i would ever tie the loan to my home, so i paid the money. think twice about it. the irs has long reach and isn't afraid to come back for more. i was not audited. they just sent the letter saying the bank never filed the mortgage interst deduction and they wanted thier money NOW! it took them a few years to catch up, but they did.
__________________

__________________
normandgrace 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
1500 Mile Trip to get her home - Suggestions? Bambi_Bandit 1960 - 1964 Overlander 17 03-01-2015 06:17 PM
SC, NC tag requirements to get it home? Section8 Title, VIN & Registration 22 06-16-2011 11:09 AM
Finally got it home - 1966 wworx 1965 - 1969 Globetrotter 9 02-02-2011 08:18 PM


Virginia Campgrounds

Reviews provided by




Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 12:42 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.