Yes, if your RV is used for business, you can claim depreciation on the vehicle.
What is the depreciation schedule? Is it 7 years? Can you accelerate depreciation to 1 year? If you refinance the vehicle, can you reset the depreciation schedule like an investment property?
What is the depreciation schedule? Read up on depreciation here : https://www.irs.gov/taxtopics/tc704#:~:text=Depreciation%20is%20the%20recovery%20of,you%20fully%20recover%20its%20cost.
Is it 7 years? Cars are 5 year property.
Can you accelerate depreciation to 1 year? You cannot "accelerate" the depreciation but if eligible (and you use the actual expenses method) you can use the 179 deduction or the special depreciation election... again read the info in the link above.
If you refinance the vehicle, can you reset the depreciation schedule like an investment property? NO. Once started it cannot be changed.
Thank you. So you are saying that a RV is considered a car so it's only a 5 year depreciate schedule?
I have never understood Section 179. What qualifies for Section 179? Can you give an example?
Read up on depreciation here : https://www.irs.gov/taxtopics/tc704#:~:text=Depreciation%20is%20the%20recovery%20of,you%20fully%20re....