IRS Deduction - was buyer beware

[Leroy Eckert]

If it is used for documented business purposes, you may be able to take a
partial depreciation deduction. I'm not about to track business usage in my
motorhome for tax purposes. The back side is if you do take the deduction you
get to recapture it as ordinary income when you sell it. Difference between the
depreciated basis and the sales price. What goes around comes around. No free
rides. You may be able to deduct the interest on the note if it is a second
home. A cute trick is to take out a second on your landlubber home. I would
not do that but people do. If you do that and the value of your home crashes
and they are now, you are under water cash flow wise. Of course you could
always rent the motorhome if you have the guts to do so.
Hopefully, at least one of the homes you are deducting are leased and or free
and clear and cash flow positive. Since they are apparantly investment
property you will get to recapture the accumulated depreciation deduction as
ordinary income on those also when you sell them. After that you may get a 15%
capital gains tax.
I have never found that tax deductions created by hard cash flow out of pocket
returning a 33% tax deduction annually ever made me any real money. There is
something about handing out a dollar and getting thirty three cents back that
makes me believe the whole deal is surrounded by Smoke N Mirrors. lol
Leroy Eckert
1990WB-40"Smoke N Mirrors"
Niceville, FL
On Panama City Beach
----- Original Message -----
From: ac7880
To: WanderlodgeForum@yahoogroups.com
Sent: Saturday, May 05, 2007 6:44 PM
Subject: [WanderlodgeForum] IRS Deduction - was buyer beware


Don't forget, there is no IRS deduction for the H2 Hummer as
a "second home" or "vacation home" for any interest on loans etc.

A co-worker asked me a question I never considered before:
Can you deduct for depreciation of value on your "vacation home" (BB
Wanderlodge/BMC)??

Dan
2 houses to deduct
94 BB BMC 37'

--- In WanderlodgeForum@yahoogroups.com, "Leroy Eckert"
wrote:
>
>
> A pre-owned H2 Hummer about 35K comes standard with GPS, moving map
display, DVD, leather seats, electronics inverter and room for a
large tent. It will fit in most any campground. No need for a toad.
Missing optional items include, bed, hot and cold running water, in
motion Sat TV, kitchen, convection oven, bathroom and other important
amenities. Looks to me like 35K for a top quality FC is a steal.
>
> Leroy Eckert
> 1990 WB-40"Smoke N Mirrors"
> Niceville, FL
> On Panama City Beach-Folks in the tents are hot---forcast high92
> ----- Original Message -----
> From: Mike Hohnstein
> To: WanderlodgeForum@yahoogroups.com
> Sent: Friday, May 04, 2007 10:35 PM
> Subject: Re: [WanderlodgeForum] Re: buyer beware
>
>
> Take heart!! Gary Miller has an exceptional example in your price
range. Go to http://www.millercoachworks.com FC33, ignore the sold and 47k
asking price, it's on the market for mid 30's and a real deal at that
figure.
> MH
> ----- Original Message -----
> From: bubblerboy64
> To: WanderlodgeForum@yahoogroups.com






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