Reply
 
Thread Tools Display Modes
 
Old 04-22-2013, 02:40 PM   #1
Member
 
Kelso's Avatar
 
Join Date: Jan 2013
Posts: 78
Class B Motorhome & Taxes

I'm sure this topic has been covered somewhere on here, but I haven't been able to find it. I'm wondering how claiming a a class B motorhome (SMB) works with taxes. I've read about people claiming them as second homes and getting tax deductions. I'm very curious as to how much you might be able to get back in taxes. Any info on that topic would be most appreciated.

Thanks!
__________________

Kelso is offline   Reply With Quote
Old 04-22-2013, 03:08 PM   #2
Senior Member
 
dhally's Avatar
 
Join Date: Sep 2009
Location: SE Washington
Posts: 807
Garage
Re: Class B Motorhome & Taxes

You may be able to deduct the interest if you have a loan on it. It could be considered a second home, if it has the right equipment like sleeping, toilet, and cooking facilities.
__________________

__________________
---------------------
2009 E250 RB 5.4L "SilVan"
dhally is offline   Reply With Quote
Old 04-22-2013, 03:10 PM   #3
Senior Member
 
jage's Avatar
 
Join Date: Apr 2007
Location: Franktown, CO
Posts: 7,600
Re: Class B Motorhome & Taxes

It's not a deduction if it's not used for business. In the case of a "2nd Home" you're writing off the interest, like you would with a home mortgage. Not sure how much of an issue that is with the IRS since you don't get a 1098 mortgage interest statement.
__________________
and then
everything changed
jage is offline   Reply With Quote
Old 04-24-2013, 01:00 PM   #4
Senior Member
 
Join Date: Nov 2012
Posts: 147
Re: Class B Motorhome & Taxes

Highly likely you won't receive a Form 1098 for interest paid on the loan, in which case it goes on line 11 of Schedule A "home mortgage interest not reported on form 1098."

If you want to know exactly how much it would save in taxes you need to figure out what tax bracket or marginal tax rate your in and multiply by interest paid. So if your in the top 39.6% tax bracket and you pay $3,000 in interest the tax benefit would be $1,188 (0.396X3,000).

Another goody is the sales tax paid. You can deduct actual sales tax paid on major purchases (like car, boat, rv, etc) in addition to the standard amount of sales tax deduction allowed (calculated based on locality and income). The deduction is an alternative to state and local income taxes paid so its limited to the greater of sales tax or state and local income tax paid.

All of this could be moot for a lot of higher income people because the itemized deduction phaseouts will start in 2013 and you could also be subject to the AMT tax, which could eliminate all these deductions if you meat the communist definition of "rich."
__________________
2002 Chevy 3/4 ton Explorer Conversion Van with Quigley IFS.
TexomaPowerboater is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Powered by vBadvanced CMPS v3.2.3
Disclaimer:

This website is not affiliated with or endorsed by Sportsmobile SIP or any of its affiliates. This is an independent, unofficial site.


All times are GMT -6. The time now is 08:00 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×