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Garfield, MN 56332

You May Qualify for Tax Deductions

Second Home

The majority of motorhome buyers can use the interest payment on their RV loan as second home mortgage interest. To qualify owners cannot already have a second home mortgage and the RV must be used as security for the loan. In addition, the RV must provide basic living accommodations such as a bathroom, cooking facilities, and a sleeping area.

Business Use

When using your RV for business, you can deduct all cost associated with operating the motorhome. This includes deducting the cost of fuel, oil and repair cost. In addition, business owners are eligible to recover the purchase price of the motorcoach via annual depreciation deductions.

Contact your accountant or a tax specialist for detailed information on using your RV as a tax deduction.