Are RVs Tax Deductible?
You enjoy the road with your camper and want nothing more than to take as many trips in your RV as possible. Maintenance costs, however, sometimes have you second-guessing your ability to own a motorhome while also maintaining your primary family residence. The good news is that the interest paid on your RV loan may be tax deductible.
The internal revenue service IRS lets taxpayers deduct interest paid on home loans. Your RV is technically a home since it has a sleeping area along with a bathroom and kitchen facilities. You, therefore, should be able to deduct the amount you pay in interest from your tax burden.
Of course, you should always check with a tax professional before just assuming that a portion of your RV loan is tax deductible. It could be that your advance needs to fall into a special classification for the financial break to be possible.
Regardless of whether the interest on your loan is deductible, you can always factor in mileage and gasoline expenses if the primary purpose of your motorhome is business. The IRS gives all entrepreneurs such tax break. You should save your receipts, though, if you plan to claim your RV as an expense with regards to maintenance. You do not want to go through the devastation of auditing without evidence supporting your claims of financial support.
Perhaps, the break that you get from the IRS will be great to the point of you being able to afford an upgrade. Stop by our office to get the best deal on a new or used camper.