serviceking
New Jersey
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Joined: 02/25/2008
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I am planning on buying a 5th wheel toy hauler and living in it fulltime. I will most likely wind up with a heartland cyclone and a f450 or something similar. In the interest of staying within my budget I was planning on buying used. I was considering taking some equity out of a rental hoouse I own. I haven't explored any other options as I am about a year away from executing my plan. Any suggestions apreciated.
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turninghawk
Gatlinburg, TN
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Joined: 09/11/2003
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serviceking wrote:I am planning on buying a 5th wheel toy hauler and living in it fulltime. I will most likely wind up with a heartland cyclone and a f450 or something similar. In the interest of staying within my budget I was planning on buying used. I was considering taking some equity out of a rental hoouse I own. I haven't explored any other options as I am about a year away from executing my plan. Any suggestions apreciated.
If you're a year away maybe you should re-post in 11 months. I think whatever happens in November will cause things to change, hopefully for the better. Good luck to you!
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smkettner
Southern CA
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Joined: 03/21/2005
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Let the rental house buy the truck as it is needed for a business expense and should qualify for accelerated deductions as long as you use it for 50% or more for business. Talk to your tax man as it does need to be legit but I don't think the IRS can dictate if the size of the truck is needed.
Max out the loan on the trailer with minimum down and long repayment terms. The RV loan is tax deductable and I would use available cash to buy the non business portion of the truck. You can always pay the loan faster than scheduled.
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Aktravler
Retired from Alaska, On the road
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It's real easy to say that the RV loan is tax deductible. However, do some research and you will find that a mortgage deduction is not dollar for dollar. So many folks have this incorrect notion. Do the research for yourself.
You also need enough to go over the standard deductions.
And having had rental property, I would STRONGLY caution against casually listing the truck as a business expense. Red flags all over that one!!!
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Ak, who is not an accountant or tax attorney, but did sleep in a few Holiday Inn Expresses over the years, and did all of our taxes.
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mooneyes
wisconsin
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Joined: 04/07/2008
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You can take a lone out for a sceond home here and put it on the stretch for a long time so the payment is small ,with no pre payment we have ours set up for a hundred a month doable for us.
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beemerphile1
NE Ohio
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If you want to fulltime, sell the rental and pay cash. The key to happiness and success is to simplify. How will you monitor a rental when you are on the other side of the country?
Tim
"Probably, no nation is rich enough to pay for both war and civilization. We must make our choice; we cannot have both." Abraham Flexner
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