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How many take the interest tax deduction on your RV/travel trailer as a second home.

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.
 

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I take the deduction.
 

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I take it...evry little bit helps---Mike
 

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We're going to take it! When we found out you could do that it helped us decide to go ahead and get the TT. You can have your cake and eat it too
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David
 

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i definitely take the deuction its almost 2k per year
 

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I did when I owned a home. Now that we are renting again, I don't have enough deductions to itemize.
 

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We never took the deduction before paying the camper off. After all, taking the deduction lowers the amount of money you send to the government, and that is not fair to them. We even take the standard deduction when filing our taxes instead of itemizing. Even though out itemized deductions would be nearly triple the standard deduction, again, we think that is cheating the government out of much needed tax revenue.

Randy

 

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Randy is such a kidder, right??


We took it on our popup until paid off and plan to take it on our new Outback. Isn't that what sells everyone on buying a new camper...
 

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Randy is such a kidder, right??


We took it on our popup until paid off and plan to take it on our new Outback. Isn't that what sells everyone on buying a new camper...
How did you do it on a popup? I thought it had to have a bathroom in it? ---Mike
 

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We never took the deduction before paying the camper off. After all, taking the deduction lowers the amount of money you send to the government, and that is not fair to them. We even take the standard deduction when filing our taxes instead of itemizing. Even though out itemized deductions would be nearly triple the standard deduction, again, we think that is cheating the government out of much needed tax revenue.

Randy

Don't worry, I compensated for Randy by taking the deduction even when I didn't have a trailer loan


(Editorial note, if any IRS agent reads this, it was simply a joke and not a reason for an audit
)
 

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We have taken it for two years in a row now.
 

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Don't worry, I compensated for Randy by taking the deduction even when I didn't have a trailer loan


(Editorial note, if any IRS agent reads this, it was simply a joke and not a reason for an audit
)
Did I tell you I work for the IRS. I'm gonna need your home address and the last 10 years of your tax returns.
 

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Randy is such a kidder, right??


We took it on our popup until paid off and plan to take it on our new Outback. Isn't that what sells everyone on buying a new camper...
How did you do it on a popup? I thought it had to have a bathroom in it? ---Mike
[/quote]

Most popups contain a toilet, if not a shower/toilet, in them.
 

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We never took the deduction before paying the camper off. After all, taking the deduction lowers the amount of money you send to the government, and that is not fair to them. We even take the standard deduction when filing our taxes instead of itemizing. Even though out itemized deductions would be nearly triple the standard deduction, again, we think that is cheating the government out of much needed tax revenue.

Randy

That explains why you sold! If you can't take the deduction, then what's the point! If you need an address to return any future stimulus check to, let me know. I will be happy to gather them up and return them to the government for you.
 

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In the past (on past) TT's that were financed we took the deduction. If you use a HELOC (Home Equity Line of Credit) that interest is also tax deductible.
 

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I think the better question is who DOESN'T take the deduction that is currently financing their trailer?
 
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