Did You Know that Interest Paid on Most RV Loans Is
Tax Deductible as Home Mortgage Interest?
To qualify, the Internal Revenue Service (IRS) has ruled that:
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The RV must be used as security for the loan.
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The RV must have basic sleeping, cooking, and toilet
facilities.
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The RV must be rented out less than 15 days per year.
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Interest expense deductions on the RV must exceed the taxpayers
standard deduction.
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Nearly all RV types -- motorhomes, travel trailers, truck campers
and many folding camping trailers -- are equipped with these
facilities.*
So enjoy the benefits of RV travel and get a tax advantage too!
*An RV with full facilities can qualify as a "dwelling unit" under
the IRS code section 280A(f)(1). The U.S. tax court case of Haberkorn v.
Commissioner, 75 T.C. 259 (Nov. 12, 1980 filed) gives further guidance
on the tax deductibility of RVs. Taxpayers many not claim the interest
from more than two qualified homes on their tax returns. Ask your
tax adviser for more information.
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