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Looking to full time


bbengleking

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Alright group, so after calling the bank and finding out it might be possible to go full time and get the trailer and truck i'm looking at, any suggestions on trailers? the wife and i both love the layouts of the bunkhouse models (Grand Design) in particular. We have our daughter now and are looking to try and have a second kid in a year or two so i'm always wondering about kids in the RV and truck. I know i would have to find a way to haul the car and motorcycles when i transfer, but i have four years to figure that out. i am looking at a HDT for towing due to safety of stopping and hauling power. i know this is a continuation of my other post, so feel free to keep me in the loop. i want to hear from families that have kids and how they make it work. I'm also active duty Navy and have 4.5 years at my current duty station. After that I'll PCS to who knows where at this point.

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If you're going to take out a loan, keep in mind the mortgage income tax deduction only applies to the amount you pay for the living unit. In the case of a motorhome this includes the engine and drivetrain, so the only vehicle cost that isn't deductible is the toad.

 

On a truck and trailer, only the trailer cost is deductible, not what you pay for the truck to tow it.

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Thought that only applies if you already had a home anyways

 

Not exactly. An RV 'can' be your residence and any interest paid on the loan is deductible. As Lou pointed out though.. only on the "living quarters" portion being financed.

 

If you had a home mortgage 'and' an RV loan then you would have to decide which you would claim as your primary residence for the deduction.

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If you had a home mortgage 'and' an RV loan then you would have to decide which you would claim as your primary residence for the deduction.

 

You can deduct the mortgage interest on a primary home and a second home, which can be an RV. You also don't need a "sticks & bricks" home in order to deduct the interest on an RV loan...we did that for 12 years while we were fulltimers.

 

There are, of course, some limitations. Read the IRS Publication 936, Home Mortgage Interest Deduction to get all the details, including what is considered a "qualified home."

 

https://www.irs.gov/pub/irs-pdf/p936.pdf

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You can deduct the mortgage interest on a primary home and a second home

 

Good info. I'll have to look into that more. It's been years since I tried on a secondary stick and bricks.. and at the time.. for whatever reason.. I had to choose one or the other.

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