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
Rob & Roza and Molly (yellow lab/greyhound)
2014 Cardinal 3800 Front Living
Full-time Living
No tow vehicle; we will hire it when we relocate
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.
Jim & Jane
2014 Ford 350 King Ranch, Trailer Saver BD3 Air Hitch, IS Suspension, Disk Brakes Nights camped in 2012: 142
Nights camped in 2013: 186
Nights camped in 2014: 185
Nights camped in 2015: 232
Nights camped in 2016: 165
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".
Millie Plato (married to Rplato)
2013 Cardinal 3030RS
1998 Volvo VNL610
2009 SmartCar-Bitsy
Nights out in
2018 - 93
...2015/16/17 - full time
...2011/14 - 719
National Rallies - 6
Regional Rallies - 10
FROG - 4
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.
Mike and Susanna Clay and Rudy
2016 3850RL Estate "Proto Grigio"
2016 Chevy Silverado 3500HD Dually
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.
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.
Bill & Penny
2010 3150 RL "The Bucket List Inn Nights out in 2013/67 and have put put 8566 miles on the Bucket List Inn
Nights out in 2014 63
Night out in 2015. 88
Nights out so far in 2016. 58
More fun to come!
