Putts
Well-known member
Searched around and didn't find what I need here in the forums. Feel free to point me off in the right direction if I missed it.
From what I gather, you can get tax breaks on a second home...an RV in this case. What I'm wondering is if I can somehow get a tax break while I'm building my stepvan into an RV? Currently, it's a registered as a commercial vehicle, I bought it 18 months ago, but will be re-registered next month as an RV. The vehicle is financed and cost $16k, pay off in 1 1/2 years from now. I've put maybe $5k into it already. By the time I'm done two-three years from now I'll have $15-$20k into it beyond the base price of the truck for a $30-$40k total.
What I'm looking for is any advice on how I might get various tax breaks/credits for the time/money spent on the vehicle. It will be my full time home 2 years from now. I'm also wondering if there's any way when I sell my current house to move proceeds over to the truck without capital gains tax as I'll be spending at least $10k at the point for all sorts of stuff to finish up the build.
I suppose the best thing for me to do is retain a tax accountant, but I figured I'd ask the tribe before I got started down that rather expensive road. The short term cost may have a long term payoff, but short term I'd rather be putting the dough into the truck.
Thanks for any advice you might offer!
From what I gather, you can get tax breaks on a second home...an RV in this case. What I'm wondering is if I can somehow get a tax break while I'm building my stepvan into an RV? Currently, it's a registered as a commercial vehicle, I bought it 18 months ago, but will be re-registered next month as an RV. The vehicle is financed and cost $16k, pay off in 1 1/2 years from now. I've put maybe $5k into it already. By the time I'm done two-three years from now I'll have $15-$20k into it beyond the base price of the truck for a $30-$40k total.
What I'm looking for is any advice on how I might get various tax breaks/credits for the time/money spent on the vehicle. It will be my full time home 2 years from now. I'm also wondering if there's any way when I sell my current house to move proceeds over to the truck without capital gains tax as I'll be spending at least $10k at the point for all sorts of stuff to finish up the build.
I suppose the best thing for me to do is retain a tax accountant, but I figured I'd ask the tribe before I got started down that rather expensive road. The short term cost may have a long term payoff, but short term I'd rather be putting the dough into the truck.
Thanks for any advice you might offer!