riggarob
Farmington, NH
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69RoadRunner wrote:Silver_Knight wrote:Here is my question to you:
Very few people are able to take that deduction in the first place and in the second place you should not spend money because it will give you a deduction.
The second part is true, but the first part is wrong. Pretty much anyone with an average first mortgage can take the deduction on an RV loan that is secured by the RV.
Right you are! We've been doing it for 4 years now, on our CPA's advise. I believe it counts as a 2nd home.
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SGTJOE
Utah
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Check with the dealer you are buying through. If they are large enough you may get a better rate through them. When we bought our's we got a rate of 4.85 and that was in 2004, when the economy was in great shape.
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BroncoRVer
8,600 feet elevation, Colorado
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Joined: 07/22/2005
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Lots of people here used Essex Credit .
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Silver_Knight
Texas Hill Country
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riggarob wrote:Here's a thought (and I KNOW I'll get flamed for this one!). Pay cash, economy goes south, and you need to sell, you lose. Finance, and economy goes south, and you give the keys back to the bank, and you rented a MH for a while. BTW, our credit was good enough for 5.4% loan last month. Happy Motoring !!!
Please don't teach your kids that.
Lee & Ren
Bryce: 8
Dillon: 7
Bailey: 4
2005 Monaco Knight 40PLQ
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Silver_Knight
Texas Hill Country
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riggarob wrote:69RoadRunner wrote:Silver_Knight wrote:Here is my question to you:
Very few people are able to take that deduction in the first place and in the second place you should not spend money because it will give you a deduction.
The second part is true, but the first part is wrong. Pretty much anyone with an average first mortgage can take the deduction on an RV loan that is secured by the RV.
Right you are! We've been doing it for 4 years now, on our CPA's advise. I believe it counts as a 2nd home.
No, I know that it is possible but for most people they don't even get to take the first mortgage interest off. They usually don't have enough deductions to beat the standard deduction.
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silvertrac51
Eastern, NC
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Joined: 01/19/2008
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I do know one thing --- It doesn't make you as mad if the MH sits in the drieway when you aren't making payments on it !!!!
PAY CASH - Make yourself the monthly payment and invest it in something that will make you a little extra change. In 20 years you might have enough extra cash to UPGRADE and FILL"R"UP !!
GOOD LUCK !!
C Lewis
Camping = Vitamins for the Family
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69RoadRunner
VA
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Silver_Knight wrote:
No, I know that it is possible but for most people they don't even get to take the first mortgage interest off. They usually don't have enough deductions to beat the standard deduction.
I'm sorry, but I respectfully disagree. Unless you have a very small mortgage and donate very little or nothing to charity, your deductions will be greater than the standard deduction.
09 Newmar Ventana 3942
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deshemar
Mechanicsville, Virginia
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69RoadRunner wrote:Silver_Knight wrote:
No, I know that it is possible but for most people they don't even get to take the first mortgage interest off. They usually don't have enough deductions to beat the standard deduction.
I'm sorry, but I respectfully disagree. Unless you have a very small mortgage and donate very little or nothing to charity, your deductions will be greater than the standard deduction.
2 years ago i took the deduction when i only made $40k with TT, charity, and home - i was able to itemize.
NOW - i have learned my lessons and ONLY pay cash for stuff other than my home. In fact just got a brand new TT two months ago that is paid for. The peace of mind in knowing i don't own anything is great. Also i can not understand why you would want to pay to use other peoples money when you have it. there is no math that makes sense. the tax break is not worth it .30 cents on the dollar, and the risk that you have is something that has to be measured.
you would have to make a pretty high (like 12-14% to overcome inflation and cost of borrowing) guaranteed return to justify the math, but there is still that level of risk that has to be measured by each person.
I don't borrow money anymore because my greatest wealth tool is my income. if it is tied up i can not use it.
Wife, Daughter 12, Dog female - Girls have me surrounded
2008 Keystone Hideout 30SRS - I now have a garage!
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sawdust_128
NC
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Backmarker wrote:I am looking to purchase a coach, after trade I will be looking at around $200K, my question is.
On a depreciating asset how wrong am I to pay cash rather than finance?
And, what is a good annual percentage rate during these trying times?
Just an observation, but it seems to me that asking this question in this forum is like asking your mistress for advice on your marriage.
O.K. Flame away.
Sawdust_128
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hohenwald48
Hohenwald, TN
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Joined: 07/27/2002
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You guys can fanagle (sp) with the numbers all you want. Talk about 2nd mortgage deductions, interest rates, CDs and depreciating assets all you like. As far as I'm concerned, if you can't afford to pay for it then don't buy it. Same applies to everything from cars to houses and includes motorhomes. Never did like loans of any kind. Never bought a house on credit and I've owned 4. Only had a loan on my first car and never again (that was 44 years ago). Spending money we don't have is what got this country in the financial condition it's in today. Both as a nation and as individuals. Just my opinion.
Chris
2001 Monaco Knight
2004 Dutchmen Dorado
1999 Jeep Wrangler
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