| Author |
Message |
Ron Leiferman (Ron_in_sd)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 5:19 pm: | |
Just a friendly reminder you may be able to do a fed tax deduction for the bank interest you paid on your bus.
http://www.irs.gov/pub/irs-pdf/p936.pdf |
John that newguy
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 7:00 pm: | |
Huh?
"Personal interest.
Personal interest is not deductible.
Examples of personal interest include
interest on a loan to purchase an automobile for
personal use and credit card and installment
interest incurred for personal expenses."
Martha.... Martha Stewart? Is that you? |
mclough
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 7:26 pm: | |
NEW GUY,
if you took out a loan to purchase a second home its deductable. if you took out a home equity loan its deductable. |
niles steckbauer (Niles500)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 7:30 pm: | |
John - you may want to look at page 2 "Qualified Home" - for some people (full timers) - their 'mobile home','house trailer could be classified as primary home - others may qualify as a secondary or vacation home - still others may qualify under a business tax deduction/depreciation if they use their vehicle/home for business purpose - there are other qualifications and it may be prudent to consult your CPA or tax attorney - of course, opinions may vary - Niles |
John that newguy
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 8:05 pm: | |
Well.... ok.. If you are claiming the RV is either your main home,
or your second home..... and you used that "home" as collateral
to secure the loan, the interest you pay on that loan -may- be
deductible...
It's worth a shot, I 'spose.. Maybe I should take out a loan
against the bus just for the write-off?
My wife's cousin took all sorts of stuff as deductions... until
they told him his definitions didn't match theirs... then he paid
interest on all the years worth of erred filings..
Like Ron said.. "you may be able to" use it as a
deduction... I'd check with the IRS to be sure before I filed... |
Stephen Fessenden (Sffess)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 03, 2005 - 9:49 pm: | |
The IRS does not give reliable tax advice. If they tell you wrong, you are responsible, not them. If the tell you you cannot deduct it when your really could, you lose too. You need to ask a tax advisor, accountant, attourney about it. |
Chuck Newman (Chuck_newman)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, February 04, 2005 - 12:49 am: | |
For decades the IRS has allowed mortgage interest deduction for home loans. They also allow mortgage interest deduction on one or two additonal homes you use for your own use, most of the year. I say one or two additional homes because their is a dollar limit per home. If you rent it out, it does not qualify. It then becomes "income property".
Anyway, I had four RV's over many years prior to the bus, and each was considered a second home under IRS rules. Same today. The IRS regulations state clearly the home must have sleeping, eating, and toilet facilities to qualify as a second home. I know people who write off the mortgage interest on their van conversions because it meets the criteria.
I am not deducting my bus as a second home simply because I don't have any mortgage interest to deduct.
When we start full-timing, the bus will qualify as a "business expense" deduction under the wife's business. This is a little more involved than the mortgage interest deduction, but it's not rocket science.
The IRS regs are clear. Don't stretch the rules and you won't have a problem. I've been audited twice since I started paying taxes in 1963. Each time they owed me money and paid up. I use my CPA to keep abreast of changes, and he handles the mother-in-law's taxes -- very complex.
As stated in the link to IRS above, none of this has anything to do with personal taxes. |
Philris
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, February 04, 2005 - 7:51 am: | |
You can write off the interest on a loan for a "second home" as long as you meet the requirements as listed by Chuck. The other additional requirement is that you stay in it at least two weeks a year. This applies to boats, travel trailers, motorhomes, etc. |