Thursday, April 30, 2009

Pedata RV Explains Tax Incentives for RV Owners

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RV loans can qualify as tax deductions under the IRS code section 280A(f)(1) as long as the RV can pass as a 'dwelling unit.' A dwelling unit is defined as having basic sleeping, cooking and toilet facilities. Pop-up campers that have a portable stove and port-o-potty would technically qualify. The RV must be used as security for the loan. As such, the loan becomes deductible as a second home mortgage interest.

For new RV owners, a provision in the stimulus bill offers a deduction for sales or excise taxes on the first $49,500 of any new RV or motor home purchase. Savings would vary state to state, but on a $40,000 RV, state taxes can equal $2,450 or more.

The solar powered tax credit can cut 30% off the purchase price of equipment for solar powered RV installation, not to mention the savings cost of no longer needing a generator. RVs qualify as a second home and are thus eligible for the same solar power tax credits as a traditional residence.

"Always consult a tax adviser, financial expert or accountant to ensure your eligibility," says Clint Ethington of Pedata RV.


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