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HelloFreedom

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    LIvingston, TX
  • Interests
    Making Freedom Income and enjoying life while we are (relatively) young and healthy.

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  1. It sounds like with the doubling of the standard deduction and/or a "fix" in the code (if that happens) this may be a non-issue in the long run. I am VERY impressed with all the people posting here. No partisan political comments, just constructive opinions on navigating through this new issue. Escapees is a special group.
  2. We're planning on upgrading our Fifth Wheel in the next year or two. According to an article from 12/22/2017 at https://rvtravel.com/towable-rv-owners-lose-benefit-new-tax-bill/ the new Tax Bill only allows Motorcoach owners to deduct the interest on their RV loan, not towables. The new tax will allow a deduction of interest on mortgages up to $750,000, for purchases of first and second homes, which can include RVs, but only motorized ones. The new law only allows deduction for “any self-propelled vehicle designed for transporting persons or property on a public street, highway, or road,” which does not include towable RVs such as travel trailers and fifth wheels. RVIA says it will work with the House Ways and Means Committee and the Senate Finance Committee to include a change to the definition in a technical corrections bill which will likely be needed next year as other oversights and unintended consequences become known. But, for now, if buying a towable RV is in your plans, don’t count on taking a tax deduction on the loan interest. If you already own a towable RV and have been deducting the interest, contact your tax professional to learn how this applies to you. I can't imagine that companies from states like Indiana whose economies are more RV-based won't be very involved in eliminating this hole in the tax code. I'm looking forward to hearing Jim Koca, Escapees Advocacy Director, report on this legislation and any fixes upcoming. PLEASE NO PARTISAN POLITICAL REMARKS. NO REASON FOR THAT. THIS IS JUST A LEGISLATIVE ISSUE THAT I WANTED TO CHECK BACK ON TO IF ANY PROGRESS IS MADE.
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