Good Sam Club Open Roads Forum: Truck Campers: Tax Right off
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gbsteph

Grand Prairie, Texas USA

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Posted: 10/15/20 03:45pm Link  |  Quote  |  Print  |  Notify Moderator

So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?

Lwiddis

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Posted: 10/15/20 04:52pm Link  |  Quote  |  Print  |  Notify Moderator

I right off whatever my accountant says I can that’s true and won’t initiate an audit. I don’t want to write an explanation to the IRS.


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Geo*Boy

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Posted: 10/15/20 05:23pm Link  |  Quote  |  Print  |  Notify Moderator

No.

Lwiddis

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Posted: 10/15/20 05:57pm Link  |  Quote  |  Print  |  Notify Moderator

Right on to all write offs. lol

jimh425

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Posted: 10/15/20 06:12pm Link  |  Quote  |  Print  |  Notify Moderator

I’m sure someone does.


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deltabravo

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Posted: 10/15/20 06:32pm Link  |  Quote  |  Print  |  Notify Moderator

I left mine off once, but not right off.


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TxGearhead

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Posted: 10/15/20 07:32pm Link  |  Quote  |  Print  |  Notify Moderator

^^Well Played. LOL


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wapiticountry

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Posted: 10/15/20 09:16pm Link  |  Quote  |  Print  |  Notify Moderator

gbsteph wrote:

So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?
The write-offs you are seeking come about if you itemize your deductions. What is deductible is the interest if it is financed and possibly the taxes if they do not exceed the SALT (state and local taxes) limitations that currently are $10,000 for a couple filing a joint return. Be aware that the SALT limitations are a cumulative inclusive of those taxes on your primary residence, the taxes on your RV and any other eligible taxes.
I doubt that the taxes and interest on a Truck Camper will result in significant tax savings except in the year it was purchased and that assumes the purchase was subject to a state sales tax. Don't forget your savings is only the amount of the allowable deductions times your marginal tax rate. It is worth taking, but it isn't going to be a windfall.

srschang

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Posted: 10/16/20 06:08am Link  |  Quote  |  Print  |  Notify Moderator

Another potential tax savings are the federal and state credits, not deductions, for adding solar to your "second home". These credits can significantly offset the cost of solar power installs to RVs.


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valhalla360

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Posted: 10/16/20 07:23am Link  |  Quote  |  Print  |  Notify Moderator

We used to do it for our boat...but really it's unlikely to make a big difference unless you are way overpaying on your loan interest rate and you already are itemizing. With the $24k standard deduction for couples, most won't benefit at all.


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