June and RB. Are you wanting to get a tax write-off when you jump in that bad boy and drive across the country?
Well, I own an RV as well. I should say travel trailer. You got to get right
Well, let's talk about ways to deduct it on your tax return
So I've got the whiteboard here to make sense of this because it is a little complicated
So let's start with point number one if you want to write off your RV, you got to have a business purpose
That's the only way now some of you that idea just flew out the window and you're gonna switch off
But hang with me here, I think you might learn something that could be really exciting for you as an RV owner
So but again, whether it's a travel trailer an RV if you've got a business purpose
So you're gonna drive to a rental property park it out front work on your rental property do some improvements
Maybe you're going to a conference a trade show. Maybe you're picking up supplies. I've got clients with all these different types of
Business purposes to get in the RV and move across the country to be in a certain place
For a business purpose so I'm gonna put that down here as number one
Business purpose now we can talk about that and we do this with our clients
We've got five tax attorneys here at our office helping clients around the country and we can save you ten times whatever you're paying us
to help tailor plan to you
But we want to make sure that you've got a business purpose first and foremost now once you've got that business purpose
There's two options you can do mileage which is really easy
Mileage is fifty four and a half cents right now in
2018 sorry and
Trying to write and say numbers at the same time is tricky. So in 2018 is fifty four and a half cents
It's gonna change every year. So look up the rules. This video might be out for a couple years before I reach it
So just double check your mileage rate
So you're driving for business get in the RV you hit the road. Now, let's say you've got a towed. Yes. I know
What a tote is that's that towed vehicle. You see sometimes behind an RV if you don't know that
Term, so you can also write off the business mileage for your towed
once you get to your location
Because you might get there and then still need to run around and pick up supplies meet with clients customers
Who knows what so any business miles to get to and from your primary home?
You're off to the races now notice. I put a little caveat in here. This is not your primary residence
So any of you that are full MRV watch some of my other YouTube videos type in mark kohler RV and you can look
some of the more detailed
Explanations of how you deal with this when the RV is your primary residence?
So you're a full-time RVer, but in this example i'm saying you're not
Primary residence. So the RV is not your primary residence
Now your second option in this strategy is to do actual now in order to do actual
Which means you're gonna get to write off?
Depreciation. Whoo, and you're gonna be able to write off the fuel because we know you're getting great gas mileage, right?
So I want to do fuel repairs maintenance all this good stuff that's called actual so you don't do mileage
You didn't write off the insurance, you know, that's for this RV, but the rule is you've got to use the RV for business purposes
more than 50%
Now you may say well my RV is a hundred percent business, right?
well
I'm gonna write off 100 percent of the actual but most people are gonna go to the
National park once in a while go on a vacation and use the RV
So we're gonna look at your total miles uses or day usage and during the year
And and make sure we carve out how much of that RV is really business
Now some people are also renting out their RV which can allow you to create more business use with an RV as well
That's pretty exciting. So there's some math involved in that now last little trick that's pretty cool in
2018
There is what's called bonus depreciation
And in the year you purchase a car the RV you might even get what's called section
179
So these are ways to write off the RV even faster if you're buying new or used
so in the year of
acquisition you get a bigger write-off now for some of you that already have an RV you can still do actual you just
Put it in the business and you're off to the races or you can use mileage now bottom-line
What I want to recommend is you talk to your accountant and if your accountant starts rolling their eyes
and you can't write off your RV and know you think it's aggressive or too much of a
Red flag item on your return you got the wrong accountant. This is a very common strategy
it's not too aggressive and
You need to upgrade and I don't caricature brother-in-law or your sister doing it on TurboTax in the basement for a spaghetti dinner
Sometimes you need to upgrade and again as a real CPA and tax lawyer some people. Oh, I don't want to pay for that
Well, you know what we're gonna save you 10 or 20 times or more when you pay for goodbyes
So whether it's me, or someone else pay for an upgraded
professional that can help you do your tax return and maybe time to upgrade from tax sell your
TurboTax if you've got a small business, so it's okay. But if your accountant is blowing you off and telling you no no no
It may be time to make a change
So your RV can be a write-off when you travel look at the rules meet with your accountant and do it, right?
Thanks so much for watching that video and I want to be your source for tax and legal strategies
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