Is the interest tax deductable?
My husband and I have a loan for an RV that we bought in 2006. We have been confused about what we can include on our deductions since then. Is the interest that we pay on this loan tax deductible?
Answered By: E. Ray Critchett, Zaino & Humphrey, LPA
The IRS states that personal interest, which includes interest paid on a loan to purchase a car for personal use, is not deductible. You can obtain more information at: http://www.irs.gov/taxtopics/tc505.html However, the answer may be different if the RV is used and/or owned by your business. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of James C. Bechler, A.P.C.
If the motor home is considered your second home, its tax deductible. If its used for business, it could be partially tax deductible.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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