Scott Hanson of ‘Money Matters’ (distributed by Scripps Howard News Service) answers the question of a would-be RVer who had been told that one could “deduct some of the cost of the RV as a second home. Is this true? If so, how much can I deduct? I would like to know before I buy such an expensive item.”
Hanson, CFP, wrote:
“The only costs you can deduct are your property taxes and the interest charges, if you choose to finance,” said Hanson, a senior adviser with Hanson McClain, an investment advisory company and registered principal with Securities America, member NASD/SIPC. Hanson advises:
– “Before you rush out and buy a new RV, I suggest you rent one for a couple weeks.”
– “Considering the financial impact of buying a motor home, buy a used one for your first purchase.”
– “Just don’t let a costly RV destroy your finances.”
Read the full article posted on HGTV’s Web site by clicking here.
Photo: Courtesy of HGTV