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Because it can help you maintain financial flexibility. Your RV may even qualify for some of the same benefits on your taxes as a second mortgage. The RV must be used as security for the loan and must have sleeping, cooking and bathroom facilities. If you are interested in this tax benefit, please check with your own tax advisor for specifics on whether this will apply for you. Even if you think that you are a cash buyer, be sure to consider the lost earning power of the cash that you will spend. You may earn more than the RV financing would cost.
Owning an RV has many advantages. there’s the freedom of the open road, camping, sporting events, the list goes on. However, there is one advantage that should be looked at further – tax advantages of owning an RV. If you are considering using a recreational vehicle for business activities, you should understand the various tax advantages that may be available to minimize your business’ overall federal and state tax obligations. Whether you own or lease an RV, understanding the various federal and state tax-savings associated with the RV’s business usage can help ensure your investment is as cost-effective as possible.
According to a statement from RSM McGladrey (a leading accounting and business consulting firm), over the last few years, business usage of RVs has increased considerably due to several factors including convenience, efficiency and increased productivity RV use offers. Heightened security concerns after Sept. 11, 2001, and recent legislation encouraging capital spending provides attractive tax incentives in the form of bonus depreciation and higher expensing limits for business asset purchases. For additional insight into various tax advantages owning an RV represents, contact Richard D. Wehrheim, Tax Managing director of RSM McGladrey, a US Adventure RV business partner.