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 > tax question - rv as vacation home

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phenrichs

Watertown, SD

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Posted: 04/08/12 11:37am Link  |  Print  |  Notify Moderator

msmith1199 wrote:

phenrichs wrote:

I figured it out. It wasn't enough to pass the standard deduction. Obviously not worth raising the IRS's eyebrows over. I will be making sure that it is calculated in from now on though.


You could always go buy a bigger more expensive RV and then you'll have enough interest to write-off. And as for raising the IRS's eyebrows, as long as you aren't cheating on anything who cares what their eyebrows do? If I had missed a write-off I'd have no problem filing an amended return and getting my money back.


Well you almost nailed it there. We just bought a much bigger TT and will certainly be writing this interest off.


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john&bet

North Vernon,in.

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Posted: 04/08/12 05:26pm Link  |  Print  |  Notify Moderator

mikhen wrote:

Just a note, our RV finance company doesn't send us a 1098 or anything like it. We have to call for the amount and enter it as "interest not reported on a 1098".
We used Tax Act.
Our finance company always has sent us the proper form and we just give it to our tax man. We give him all of our w-2's, 1099's of which there are several and he does the magic. I pay him and he deducts that the following year. I write or receive checks.


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jolooote

Miami, FL

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Posted: 04/08/12 07:42pm Link  |  Print  |  Notify Moderator

Turbo Tax software REALLY wants to sell you the 'Premium' package AFTER buying their $ 50 basic software. If U have anything more than a Standard deduction tax situation The basic software won't lead you to other forms like Schedule'E' for reporting Rental Income. BIG Ripoff! You can get around their additional $39 'Offer'...lol... by simply going into the 'FORMS' and filling out the correct form yourself. You just gotta know what form you need...they won't tell U. LOL


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RetiredGuy

Texas

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Posted: 04/09/12 10:47am Link  |  Print  |  Notify Moderator

To deduct interest on any home (first or second), the loan must be secured by the home. In other words, if you got a personal loan from your friend it is not deductible. Same thing if you just used your credit card.


Robert
'09 International DuraStar 4400 (Snowflake)
'07 HH CE 35 CKQG Plan 2 (Carpe Diem)
"Being retired means waking up with nothing to do,
. . . and going to bed with half of it done!"

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