IRS Deduction - was buyer beware

[Leroy Eckert]

Yes. I'm right there with you. Wish I could take off for the rest of my life.
Leroy Eckert
1990WB-40"Smoke N Mirrors"
Niceville, FL
----- Original Message -----
From: Gregory OConnor
To: WanderlodgeForum@yahoogroups.com
Sent: Saturday, May 05, 2007 11:13 PM
Subject: [WanderlodgeForum] Re: IRS Deduction - was buyer beware


Leroy, Income reduction is a 100% deduction. when I turn down a job
and take a trip in the lodge the reduction of income is 100% tax
free. Hence the best write off is a day off.

GregoryO'Connor
94ptRomoland

--- In WanderlodgeForum@yahoogroups.com, "Leroy Eckert"
wrote:
>
> 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
>
>
>
>
>
>
> [Non-text portions of this message have been removed]
>





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