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Old 10-12-2003, 07:54 AM   #1
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Airstream's are Tax Deductible

Greetings,

I don't knwo if everyone is aware of this, but if you finance your RV, your interest is tax deductible. I am attaching a short article I found on www.bankrate.com:

What if your real estate circumstances are a bit brighter? Say, for instance, you're able to swing a vacation home on the lake. You're in tax luck. Mortgage interest on second homes is fully deductible. In fact, your additional property doesn't have to strictly be a house. It could be a boat or RV, as long as it has cooking, sleeping and bathroom facilities. You can even rent out your second property for part of the year and still take full advantage of the mortgage interest deduction as long as you also spend some time there.

But be careful. If you don't vacation at least 14 days at your second property, or more than 10 percent of the number of days that you do rent it out (whichever is longer), the IRS could consider the place a residential rental property and axe your interest deduction.

I hope that this helps someone who may have not been taking the deduction.
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Old 10-12-2003, 08:50 AM   #2
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My Airstream is paid for, do you know if it can be depreciated, or any toher way to attempt a write-off? Just curious
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Old 10-12-2003, 09:01 AM   #3
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I am not a CPA, but I believe that if you are not paying interest on the RV, the only other deduction that you could possibly take, is if you use the RV for business. Even then, if you did claim that your RV was used for business, you only get a deduction after your business travel related expenses exceed 2% of your salary.

I hope that helps.
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Old 10-12-2003, 09:14 AM   #4
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In most cases, if you buy your Airstream and make payments, the interest is tax deductible the same as a home mortgage It's my understanding that the IRS looks at an RV as a home.

Eric
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Old 10-12-2003, 09:25 AM   #5
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Deduction

If paid for how about second mortage for home repair to cover the cost of major upgrades? Would this qualify for a tax break ?

Garry
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Old 10-12-2003, 09:41 AM   #6
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The IRS definitely views an RV as a second dwelling. As with a home, you are allowed to deduct the interest which you pay on your trailer.

Regarding a second mortgage, as long as you are paying interest on it, that is absolutely tax deductible. What you decide to use the money for is up to you.
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