RV Tax Deduction

It’s official, tax season is over! With the ever-changing rules in regards to income and deductions, it’s important to stay abreast of all the extras that pertain to you. With that being said, there is a good chance that if you’re reading this, we have some information that you could find useful.

While it’s still fresh on your mind, we’d love to share some tips about how you can make your Oklahoma City RV work for you come tax season. There are several ways it can count towards helping you save some serious money every year.

Ownership

To the IRS, if your RV has a bathroom, a place for you to sleep, and cooking facilities, it qualifies as a vacation or second home. Something that a lot of RVers don’t consider is their ability to rent out the unit. Unless you’re a full timer, the RV sits a lot and that time could be used to help pay for it. This would be a deduction if it’s rented out 14 days or more a year or fewer than 15. Even having your family rent it for a friendly rate counts!

Using it as a vacation home also has its benefits. You’re able to take out interest on $1,000,000 in relation to mortgage debt on two residences. Typically, no matter how many homes you own, properties are tax deductible.

Ever use your RV for business travel? Are you a full timer who works out of yours? Those are also deductible situations!

How nice, something that not only gives you immense happiness but also saves you money! Were you aware of the tax advantages associated with owning a camper? To find out more, click here and read about other situations that are recognized. Let us know your thoughts in the comments below!

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