JCZ Posted July 15, 2017 Report Share Posted July 15, 2017 I did a couple of searches on this forum but nothing came up. Getting ready to retire in a couple of months. We just bought a used 2017 Momentum 376TH (41' 5th wheel) and a used F-350 crew cab dually a few months ago, getting ready to go full time. I believe I know the answer to this first question but....1. as our home, is the RV tax deductable? 2. Are purchases for the RV tax deductable? 3. Is the money paid for RV space at various RV parks tax deductable? At this point we're considering using South Dakota as our domain and once we establish that, then we will find a tax advisor that's familiar with full timers to lock down all these questions but just trying to get a preliminary idea of what to expect. By the way, if anybody has a referral for a tax man that knows the ins and outs of tax laws for full timers, I'd sure appreciate that as well. Thanks in advance for your help. 2017 Grand Design Momentum 376TH pulled by a 2014 Ford F-350 Lariat, FX-4, dually, longbed Link to comment Share on other sites More sharing options...
Kirk W Posted July 15, 2017 Report Share Posted July 15, 2017 8 minutes ago, JCZ said: I believe I know the answer to this first question but....1. as our home, is the RV tax deductable? If you mean from your federal income tax, no as the tax is on a vehicle and not real estate. 8 minutes ago, JCZ said: 2. Are purchases for the RV tax deductable? No. 8 minutes ago, JCZ said: 3. Is the money paid for RV space at various RV parks tax deductable? No. It is no different than expecting to deduct rent for an apartment or house. The only thing deductible about an RV is interest paid on the loan to buy it if you have your RV financed. That is just like deducting the interest paid on a home loan. Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
trailertraveler Posted July 16, 2017 Report Share Posted July 16, 2017 If you itemize your deductions on your federal income tax, I believe you still have the choice to deduct either state sales tax or state income tax. You will need to make sure that vehicle purchases are not excluded. If you have domicile in a no income tax state, claiming a deduction for sales tax would seem to be a no brainer provided the total deductions are greater than the standard deduction. Link to comment Share on other sites More sharing options...
Barbaraok Posted July 16, 2017 Report Share Posted July 16, 2017 And they have raised the standard deduction so most likely you are looking at the first yr only have enough to justify itemizeing deductions Barb & Dave O'Keeffe 2002 Alpine 36 MDDS (Figment II), 2018 Ford C-Max HYBRID Blog: http://www.barbanddave.net SPK# 90761 FMCA #F337834 Link to comment Share on other sites More sharing options...
JCZ Posted July 16, 2017 Author Report Share Posted July 16, 2017 Truck and RV were bought here in California where I'm currently employed and will have lived for nine months of 2017 so for this year, we'll be filing as residents of California and let my current CPA figure it all out. Thanks a bunch for your replies....about what I was expecting. Nothings changed. 2017 Grand Design Momentum 376TH pulled by a 2014 Ford F-350 Lariat, FX-4, dually, longbed Link to comment Share on other sites More sharing options...
kayakbob Posted July 26, 2017 Report Share Posted July 26, 2017 The interest on your HOME will be deductible against income , not taxes . The interest on the truck will not be ! Link to comment Share on other sites More sharing options...
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