RV Loan Tax Deduction

 


Visitors: 564

RV Loans as a Tax Deduction?

The vast majority of individuals who finance their recreational vehicle may qualify to deduct the interest on their RV loan as a second home. Not only will you be able to enjoy the benefits of RV travel, you will likely receive a mortgage interest deduction as well.

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 – motor homes, travel trailers, truck campers and many folding camping trailers - are equipped with these facilities. *

*An RV with full facilities can qualify as a “dwelling unit" under the IRS code section 280A(f)(1). The U. S. tax court case of Haberkorn v. Commissioner. 75 T. C. 259 (Nov. 12, 1980 filed) gives further guidance on the tax deductibility of RVs.

The IRS description qualifies virtually every type of recreational vehicle on the market today! Even pop-up campers may qualify under this description. All you would need is a simple stove and porta-potty. So enjoy the benefits of RV travel and get a tax advantage too!

Taxpayers may not claim the interest from more than two qualified homes on their tax returns. Ask your tax adviser for more information. The information contained within this article is meant to be helpful and informative, but not to take the place of advice from your financial consultant, accountant or other professional.

Barry Wilder

Barry Wilder has been associated with his family RV business for over 25 years. He is currently the owner of Best Rate Financial Services, providing loans and refinancing for RVs, boats and aircraft. They also provide RV and Boat Warranties. Best Rate Financial Services RV Loans - http://www.bestrate-loans.com

(314)

Article Source:


 
Rate this Article: 
 
How Much Will My Tax Deduction Be if I Donate My Car?
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Tax Reform - Limit of Mortgage Tax Deduction

by: Sergio Haros (October 27, 2005) 
(Finance/Taxes)

Tax Exemption and Deduction

by: Richard Mathew (July 15, 2008) 
(Finance/Taxes)

What Is An LLC Tax Deduction?

by: Mike Singh (September 08, 2006) 
(Finance)

Tax Deduction for Alimony Payments? - Yes!

by: Richard Chapo (May 28, 2005) 
(Finance/Taxes)

Daycare Tax Deduction - How Do I Start?

by: Mike Singh (August 27, 2006) 
(Finance/Taxes)

How Can I Qualify For A Mortgage Tax Deduction?

by: Mike Singh (September 08, 2006) 
(Finance)

IRA Tax Deduction - Any Benefits?

by: Mike Singh (September 08, 2006) 
(Finance)

Things To Know Regarding The Mortgage Tax Deduction

by: Frank Rodriguez (August 20, 2011) 
(Real Estate/Mortgage Refinance)

How to Get a Last-Minute Tax Deduction for 2011

by: Karen Campese (December 23, 2011) 
(Finance/Taxes)

How Much Will My Tax Deduction Be if I Donate My Car?

by: Karen Campese (September 14, 2010) 
(Finance/Taxes)