[Search for users] [Overall Top Noters] [List of all Conferences] [Download this site]

Conference ssdevo::rv

Title:	RV notesfile
Notice:	Welcome to RV's new home!roductions * Note 8 4-Sale/Wanted
Moderator:	ALEPPO::BOWKER

Created:	Fri Feb 27 1987
Last Modified:	Wed Jun 04 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1134
Total number of notes:	11505

1125.0. "Interest on your RV loan maybe a deduction" by ALLVAX::ONEILL () Wed Feb 12 1997 14:32


	We went to the camping rv show in Boston, the dealer that we
	bought a trailer from gave us the following information
	regarding interest deduction for federal tax.

	_________________________________________________________________


	Did you know that interest paid on the majority of RV Loans is
	tax deductible as home mortgage interest?

	To qualify, the Internal Revenue Service (IRS) has ruled that:

	- The RV must be used as security for the loan.
	- The RV must have basic sleeping, cooking, and toilet facilities.

	Nearly all RV types, motorhomes, travel trailer, truck campers and
	many folding camping trailers are equipped with these facilities.

	So enjoy the benefits of RV travel and get a tax advantage too.

	* An RV with full facilities can qualify as a "dweling unit" under
	  the IRS code section 280A(f)(1). The U.S. tax court case of 
	  Haberkorn V. Commissioner, 75 T.C. (Nov.12,1980 filed) gives
	  further guidance on the tax deductibility of RVs. Taxpayers
	  may not claim the interest from more than two qualified homes 
	  on their tax returns. Ask your tax adviser for more information.

	This message provided by the Recreation Vehicle Dealers Association
	of America.

T.R	Title	User	Personal Name	Date	Lines
1125.1	Speaking as moderator	GENRAL::KILGORE	Leadership = action, not position	`Wed Feb 12 1997 16:19`	6
	Before buying, please check with a CPA and/or the IRS to insure this is good information. I'd hate to have someone buy a unit and find out afterwards that this information was incorrect and was used as a ploy to sell something. :-( Judy (co-mod of RV)
1125.2		PROXY::J_EVANS		`Thu Feb 13 1997 13:56`	3
	Should still be good info. People with large boats do the same thing. jim
1125.3	.0 is still good info	MPOS02::SULLIVAN	Take this job and LOVE it	`Thu Mar 06 1997 22:41`	2
	I've been deducting the intrest on my MH loan for the past 9 years and have 3 more years to go.
1125.4		SMURF::WALTERS		`Fri Mar 07 1997 13:53`	2
	Is a Porta-Potti too basic? What about if I screw it to the floor? ;-)
1125.5		CSC32::J_KALINOWSKI	Forget NAM?....NEVER!	`Fri Mar 07 1997 15:26`	12
	>>Is a Porta-Potti too basic? What about if I screw it to the floor? Yes! and this is no joke. My brother lives in Mass. Has one of those super large tandem axle pop-up campers, and according to his insurance company he qualifies simply because his unit came with a ah...what most folks would consider a glorified porta-potty. A recirculating toilet. Having to prove use of the camper "X" number of times a year is a non-issue. -john
1125.6		SMURF::WALTERS		`Fri Mar 07 1997 17:03`	1
	I might just give this a try then!
1125.7	Still can't claim a capital loss when you sell though. :-(	HSOSS1::HARDMAN	It's a girl! Now what?	`Fri Mar 28 1997 16:50`	9
	The way I've heard the IRS rule explained is, the mortgage interest on any form of dwelling can be deducted as a second home as long as it's got: a bed, a head and a place to be fed. :-) Boats, motorhomes, trailers, etc all qualify, as long as they have all three of the above. Harry