tax question

Silvertwinkie · 12-05-2003, 09:48 AM

If you don't buy your RV outright and are making payments, can you deduct the interest paid on April 15th?

The reason I ask is that I was under the impression that you can, but I didn't own the coach in time to qualify last tax year.

When I was down visiting family, Brandi's uncle told me that he is not able to write his RV interest off.

Do any of you have any exp with this?

Eric

apple 1 · 12-05-2003, 09:59 AM

Eric,
Yes it is deductable as a second home. However there are several rules which apply, such as must stay in 15 nights a year, must be totally self contained and have kitchen and bath with shower. There are several more rules, check with your tax accountant. This also applies to boats which are self contined.
Jim

overlander64 · 12-05-2003, 10:09 AM

Greetings Eric!

I don't have personal experience with deducting interest paid on an RV as a second home; but do with a typical second home situation. The IRS publication lists the specifics on page 2 of the document linked below - - page 5 also has some further clarifications.

IRS Publication 396

I hope this helps to shed a little light on the situation.

Kevin

InsideOut · 12-05-2003, 10:23 AM

Here's another old thread where RV tax deduction issues were discussed.

Shari

Silvertwinkie · 12-05-2003, 10:46 AM

Thank you, thank you, thank you!!

Just what I was looking for.

Thanks again.

Eric