I'm 1099 contracting and staying in an RV during my contract. How and what do I deduct from this expense? The monthly rv park rental, rv mortgage/interest, and other associated expenses. It's difficult to find reliable info on the subject.
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Yes, you can deduct all that and mileage to/from your RV to your job site. A lot depends on whether your work location is 'temporary' (lasting one year or less).
You can claim 50% of the cost of your meals while on business-related travel away from your tax home, provided your trip requires an overnight stay.
Independent contractors generally have no limit on the ability to deduct work related expenses.
Click this link for detailed info on Tax Deductions for Contractors.
This article gives tips on Travel Deductions for Business.
Thank you for your quick response. I figured as much but I'm not sure how to go about deducting rv park rent, interest, and maintenance while on assignment. Where in the program do I list them? Thanks Charles
You are splitting hairs on trying to claim these expenses. As a seasoned tax professional, i would caution you to be conservative in declaring these expenses. For an example, you can claim RV rent as lodging but your maintenance and interest expenses would be debatable and not deductible.
For an example, if your RV is a motor home you use for work, you can claim the interest and maintenance as actual expenses for a work vehicle. However, if your RV is a detachable trailer, then maintenance and interest would not be deductible as business expenses. You might be be able to claim mortgage interest if it meets certain criteria. Please view this Turbo Tax link for more details.
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