Save Money With RV Tax Deductions
Wed Aug 24, 2011
Author: Robin Beebe
Source: RVDA
For the vast majority of RV buyers, the interest on their loan is deductible as second home mortgage interest. To qualify, owners must not already have a second home mortgage. Also, the RV must be used as security for the loan and provide basic living accommodations such as sleeping area, bathroom and cooking facilities. Virtually all RV types of motorhomes, travel trailers, truck campers and even most folding camping trailers are equipped with these accommodations and eligible for the tax savings benefits.
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.
Nearly all RV types -- motorhomes, travel trailers, 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 "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. Taxpayers many not claim the interest from more than two qualified homes on their tax returns.
