Cardinal RV Club

Looking for input on claiming sales and loan interest when living full time in an RV. I do not own a typical home, only an RV.

We purchased a 2014 3800FL Cardinal in Sep 2013 and live in it full time, in Louisiana. I will not be receiving a Form 1098 from the lender as I would for a typical home mortgage.

Can I claim any of the sales taxes incurred upon the purchase, or the monthly taxes on the loan? I can look at this from the perspective of it being a mortgage....but does the IRS?

Your experiences and input are greatly appreciated.

Rob&Roza

Our data is a bit dated, but when we were full timing back 2001-2004 we were able to take the interest off our taxes and also our sales taxes. We bought a new truck this year and will take the 7-½% sales taxes off. I’m sure it’s different per state also. When we full-timed we were residents of South Dakota and they don’t have income tax and sales tax at the time was only 3%, sometimes I wish we were still full timing.

It's our understanding that you can claim the interest paid on the loan for your RV on IRS taxes. It is considered a second home, or first home if you're full-timing. You may not get any paper documents from the bank, but you should be able to get the info by either requesting it or online. State taxes would be based on the state you claim as your residence (usually the state your RV is registered in).

Of course all info about taxes should come with the typical "consult your professional tax preparer".

I have been claiming the interest of my fifth wheel loan. My accountant says it is a second home!

Don

Don Wilson wrote:I have been claiming the interest of my fifth wheel loan. My accountant says it is a second home!

Don

Same here

In Oregon, we don't have a sales tax, but we can claim the interest on the trailer loan (as a second home). I agree with Millie....you'll need to consult with a professional on these questions.

I sure appreciate everyone's comments.

We write the loan interest off as well. I just keep copies of my statements each month as it reflects interest paid and total it up at the end of the year and list it on my taxes. I send copies off to our tax guy each year for verification and each time he says it's a deductible item. As others have said be sure and check with your tax consultant.

Happy New Year!

John

I think if you contact the Bank that has your loan they can provide you with a statement that will show the amount of interest you paid.

if you only file a short form like we do then you cannot deduct anything

X 2 see a professional.