Financing Help January 07, 2001, 03:04:58 pm Yahoo Message Number: 1537Happy New Year everyone.We're now 8 weeks away from making the downpayment on our 26.5RB. Any tips on financing available? Does the IRS "automatically" consider an RV a second home for interest rate deductibility? Has anyone any experience with LD's financing and terms?Thanks. Been studying the local market buy am curious to see what's happening in other parts of the country.
Financing Help Reply #1 – January 07, 2001, 05:54:36 pm Yahoo Message Number: 1538I plan to write off the interest because I don't have a loan on a second residence. I am completely honest on my tax form and will be fully willing to defend my tax return in case of an audit.You have it kind of backwards, the IRS doesn't automatically give you anything, you just have to be prepared to justify what you write off.We use Turbo Tax and really love it. The software will ask you the right questions.
Financing Help Reply #2 – January 07, 2001, 05:54:36 pm Yahoo Message Number: 1539I plan to write off the interest because I don't have a loan on a second residence. I am completely honest on my tax form and will be fully willing to defend my tax return in case of an audit.You have it kind of backwards, the IRS doesn't automatically give you anything, you just have to be prepared to justify what you write off.We use Turbo Tax and really love it. The software will ask you the right questions.
Financing Help Reply #3 – January 07, 2001, 05:54:36 pm Yahoo Message Number: 1540I plan to write off the interest because I don't have a loan on a second residence. I am completely honest on my tax form and will be fully willing to defend my tax return in case of an audit.You have it kind of backwards, the IRS doesn't automatically give you anything, you just have to be prepared to justify what you write off.We use Turbo Tax and really love it. The software will ask you the right questions.
Financing Help Reply #4 – January 07, 2001, 05:54:36 pm Yahoo Message Number: 1541I plan to write off the interest because I don't have a loan on a second residence. I am completely honest on my tax form and will be fully willing to defend my tax return in case of an audit.You have it kind of backwards, the IRS doesn't automatically give you anything, you just have to be prepared to justify what you write off.We use Turbo Tax and really love it. The software will ask you the right questions.
Financing Help Reply #5 – January 10, 2001, 03:50:21 pm Yahoo Message Number: 1564We got a mortgage loan to purchase our LD - that makes the interest paid on the loan tax-deductible...
Financing Help Reply #6 – January 10, 2001, 04:56:54 pm Yahoo Message Number: 1566Please explain what you mean by "mortgage loan". We contacted the bank that Lazy Daze refers buyers to, and they will loan us 80% of purchase price at prime rate (currently 9%) for up to 15 years as long as we maintain an account with them and have the payments automatically deducted. Is this the best we can do? Good Sam charges 9.25% for similar loan.What kind of interest are you paying on your "mortgage loan"? Thanks.tigger
Financing Help Reply #7 – January 10, 2001, 05:48:49 pm Yahoo Message Number: 1569Another option, if you currently have a first mortgage on a house with accrued equity, is to refinance that, with enough higher a loan principal to buy the m'home. The advantage is usually lower rates, and the disadvantage is you own the RV outright - a bad thing if it's a lemon. This is of course very unlikely with a Lazy Daze.Steve
Financing Help Reply #8 – January 10, 2001, 07:08:02 pm Yahoo Message Number: 1571Thanks, to all, for the advice. I'm going to investigate the various finance options (taking out a direct loan versus taking out a second mortgage) to determine the true cost (including fees) of each loan over the life of the loan, before making any decisions. Thanks.Robin
Financing Help Reply #9 – January 10, 2001, 08:23:48 pm Yahoo Message Number: 1573I'm just an engineer, not an accountant, but I'm pretty sure you don't have to do anything exotic to get a tax break on the interest you pay on an RV loan. Here is one of the sites I found through a web search:"RV Tax Advantages For many people RV ownership also means a tax deduction. The interest on RV loans is tax deductible just as a second home mortgage interest would be. The IRS publishes two booklets that contain helpful information on RV loan interest tax deductibility. Copies of "Publication 936: Home Interest Deduction" and "Publication 523:Selling Your Home" are available by contacting the IRS at 1-800-829-3676" from: [url=http://www.lazydazeowners.com/[url=http://www.dewaltsrv.com/learn/learn17.html
Financing Help Reply #10 – January 10, 2001, 09:14:32 pm Yahoo Message Number: 1574For what it's worth, I have an RV loan through my credit union and I deduct all the interest from my income tax.To the best of my knowledge, an RV, as well as some boats, qualify as a 2nd residence providing they're fully self contained such that they can be lived in.At the same time, if you own more than one qualifying piece of real estate or self contained vehicle, you can only deduct the interest on a total of two such items.As always, the above is based on my personal knowledge and opinion, check with your tax preparer to confirm your individual situation!... Wayne
Financing Help Reply #11 – January 10, 2001, 09:14:32 pm Yahoo Message Number: 1575For what it's worth, I have an RV loan through my credit union and I deduct all the interest from my income tax.To the best of my knowledge, an RV, as well as some boats, qualify as a 2nd residence providing they're fully self contained such that they can be lived in.At the same time, if you own more than one qualifying piece of real estate or self contained vehicle, you can only deduct the interest on a total of two such items.As always, the above is based on my personal knowledge and opinion, check with your tax preparer to confirm your individual situation!... Wayne
Financing Help Reply #12 – January 11, 2001, 10:48:10 am Yahoo Message Number: 1576Wayne,You are correct. I confirmed with my accountant that the interest on financing a motor home is tax-deductible as long as the motor home contains a kitchen and bathroom. Also, as you state, you can only deduct the interest on two such items (for example, your principal residence mortgage and the motor home "second home").Thanks to all who've responded to my questions.-Robin
Topic: Financing Help (Read 10 times)
previous topic - next topic
Topic: Financing Help (Read 10 times)
previous topic - next topic