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RV's and tax deductions
Old 01-07-2005, 07:31 PM   #1
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RV's and tax deductions

The in-laws just bought a new RV (yes, they'll be working until they're 112 to pay their bills, but thats another story).

They're wondering about any tax deductions they can take advantage of. I believe that they cam deduct the loan interest as a "second home" if they meet certain requirements, which it appears they do. Are there any oddball deductions (like the "hummer deduction") that can be employed?

Thought some of the RV crowd might have an angle on this. In-laws live in California, if there is a state component as well.
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Re: RV's and tax deductions
Old 01-09-2005, 06:06 AM   #2
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Re: RV's and tax deductions

Sales tax on an RV can be big, so if you itemize deductions, you can look at whether it makes sense to deduct state income taxes or sales taxes instead. You can use the sales tax estimation tables the feds provide plus add any sales tax paid on the RV and other vehicles.

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Re: RV's and tax deductions
Old 01-09-2005, 10:53 AM   #3
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Re: RV's and tax deductions

Thanks Martha! Thats right, this year we get to decide whether to deduct sales tax or state income tax.
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