From the bloggers at Fulltime Families.
I have participated in many discussions in the Fulltime Families Facebook group, and the most common types of tax questions that pop up involve questions over deductions…what is deductible, what is not, specifically in the context of the fulltime RVing lifestyle. So as a guest on the Fulltime Families blog, I thought I’d tackle 3 of the most common, most aggressive tax deductions people ask about.
Can I deduct the cost of my RV?
For most fulltime RVers living in their RV as their primary personal residence, the full cost of their rig is generally not going to be deductible. Some have tried to take a home office deduction for a portion of their RV, but the IRS has a strict “regular and exclusive use” rule for any portion of a home being deducted as a home office, and it is difficult if not impossible to meet this requirement while living in an RV as your primary residence
If you financed your RV, you may be able to deduct the interest on your loan. You also may be able to deduct the personal property taxes you pay to your state for registration of your RV and your tow or towed vehicle. And in the year you purchase your RV, it may be beneficial to deduct the sales tax you paid upon purchase. If you make special adaptations or purchase equipment for your RV that is primarily or exclusively used for business purposes (such as a wifi booster, work desk, office chair, computer equipment, etc.), this may also be deductible.
To read the full story by Fulltime Families, click here.