deborahheinz

Tax Code Reform

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Think we need to look at the final bill. Tax deductions and some other deductions written in to it, but the wording is still kind of up in the air.

Info from the account will arrive over the next few days. 

Rich. 

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This is what I am able to find.

Quote

This means that the interest you pay on your loan for a vacation house — or qualifying boat, recreational vehicle or camper — wouldn't be deductible after this year

 

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CWSWINE   

The pass though down to 20% is wind fall for us that have a S-Corp.  Just haven't decided if I going to use the money to upgrade our coach or give my employees the raise in pay the deserve. 

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wolfe10   

Just an observation.  Let's keep this thread on track, and not slide off into political discussions.

It IS an excellent topic: Interest deduction on motorhomes under the new tax code.

CPA's please jump in once you have read it. 

Thanks.

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manholt   

I feel for those that have a note on a Second home, boat or RV.  However, I just hope there is not a tax in the new bill, on those items!  In Europe it's called a "Luxury Tax"!

Dennis, I hope you do the right thing...

Jolly good Christmas to all...

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wolfe10   

Pamela,

Thanks for the link.

From the wording in the matrix, not clear to me whether the interest deduction of $750k was the TOTAL cap for a household or $750 for primary PLUS $750k for secondary/RV.

Sometimes the devil is in the details!

 

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Brett,

There are some key words in the explanation in RV Business paper.

"Allow Mortgage Interest and deductions on LOANS totaling up to $750,000 for primary residence AND second HOMES, including RV;"

LOANS was Plural is an indication of both Primary and second** and I  also noticed HOMES was also Plural. In the past it allowed interest on Primary and one second Vacation Home or RV which could include boats capable of living aboard.   

I don't know if the statement was direct from the Law or was just paraphrased by the article.

My one observation was in the picture I saw on a picture showed what appeared to be the new law in more that 3 bound books, and they were not thin. What I saw would make "War & Peace" look like a paper back.

I guess here again we wont know until we know.

Herman

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manholt   

Brett.  I read it twice and came to the conclusion that it was $750K each...however there is a caveat.  RVIA is going to hash out the wording in 2018 and that is after the POTUS signs it as written!  I would think that any change would have to be made as a amendment...that would require an other vote by the House and Senate?  Wonder then what other amendment will be attached for vote.  This whole thing smells like HIPPA!  We never could get an amendment passed to exclude Private Non Profit Hospitals!

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When we speak of deductions, I volunteer at the Veterans Hospital & Clinic in Bonham, Texas. I can deduct the mileage I drive round trip each time got to volunteer. However when I volunteer for a not for profit like FMCA and drive over H*** and half of Georgia I can't deduct one penny. I laugh when I tell folks that I spend 8 to 10 thousand dollars a year to volunteer.:o But heck I enjoy it so much I would do it for free, What am I saying I do!.:D

Herman

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dons2346   
On 12/25/2017 at 0:59 PM, manholt said:

Wayne, you forgot detailing with a tooth brush! :o:lol:

I still remember my first 3 days of basic at Lackland AFB.

You mean the AF gave you guys a tooth brush?

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manholt   
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Tooth brush

Yep, and a cup of soapy water, to scrub every corner of the barrack.  No smoking allowed....to this day, I have no idea what it was suppose to accomplish?  Unity?  Well it didn't happen.

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Hum, The Moderator takes a few days off. Time out notices will be in the mail. 

Having an uncle for the Base CO can make for some interesting conversations.

Rich.

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