You can't deduct the "payments' but you can set it up as a business asset and take depreciation expense and also claim a deduction for the operating expenses such as gas, maintenance, insurance, etc. You can also use the mileage method. It is your choice to decided which is more advantageous from a tax standpoint.
The IRS allows you to depreciate an RV over five years. You can also use the section 179 deduction.
For more information about depreciating your RV, click the link below:
http://www.irs.gov/publications/p946/ix01.html In order to set up as a business asset, while logged in and working on your return:
- Click on My Account
- Click on Tools
- Click on Topic Search
- Type "Business Asset" in the search window and Click on Go
- Click "Edit" next to your business
- Scroll Down to Business Assets and Click on Start/Edit
- Continue with the interview to add an asset
