K
kcquer
Guest
If you finance an RV or travel trailer that has kitchen and bath facilities that the interest is tax deductible same as your home mortgage interest?
parrothead said:However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.
Not financing mine so there would be no reason for them to tell me that, it was posted on a salesmans wall at one place we looked. It was an IRS poster complete with Govt form #.I think someone is telling you a story to get you to buy one
My competition participation is going to be so limited as to not be worth any of these hassles. 1 this year definitely won't warrant it and not sure 3 or 4 next season will either.So KC, check on these aspects as you look to finalize your purchase.
Just verified this with my tax accountant.....I think someone is telling you a story to get you to buy one. As far as I am aware, you can only deduct on primary residence. Now, if the trailer IS your primary residence, then have at it.
parrothead said:However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.
YUP, but....BBQchef33 said:parrothead said:However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.
So if i claim the winnings from last year, i can write off the cost of the food, registration fees etc..? and depreciate the cost of the trailer?
If you are operating some kind of home business. In this case BBQ. Such as catering, a retaurant, etc. These expenses would be advertising.So if i claim the winnings from last year, i can write off the cost of the food, registration fees etc..? and depreciate the cost of the trailer?
JudgeTex said:Ah... tax loopholes... writing off your hobbies. I have played in bands for 10 15 years and always make them give me a 1099 so I can write off all of my guitars, drums, etc.