I recently got the question on writing off an RV (recreation vehicle). Is it possible? How?
So today, we’re tackling the question of taking a legal tax deduction for your RV. Here are some ideas that may or may not work, depending on your circumstances:
- Use the RV as an office. If you have a business, you can move it right out to the RV and take a deduction for the vehicle.
- Use the RV as a traveling office. I have a colleague who hates to fly. He drives everywhere he goes. But it can mean a lot of time away from his main office. So, he’s converted his RV into a traveling office. He’s got a deduction!
- Use the RV as a second home. If your place (boat, RV, etc) has a kitchen and a bathroom, it can be considered a second home. As such, you can take a deduction for financing costs and taxes. But you can’t depreciate it.
- Wrap it and use it as a rolling advertisement.
Of course, the right solution will depend based on your personal circumstances. This is just one of the hidden business deductions you may have right now. For every personal expense you have, ask “How could this be used to help my business?”
That’s a sample of the kind of things we talk about in the coaching classes that are held twice a month. What’s deductible? It depends. Be prepared.
Here’s how you can sign up for the next coaching class! https://www.ustaxaid.com/coaching-program/