topic What can I expect when renting my RV? How to depreciate it and what type of depreciation? What expenses can I deduct? in Investors & landlords

What can I expect when renting my RV? How to depreciate it and what type of depreciation? What expenses can I deduct?

havenspp — Tue, 04 Jun 2019 19:23:13 GMT

It depends on the use of the RV. For personal use, you c...

Anita01 — Tue, 04 Jun 2019 19:23:14 GMT

It depends on the use of the RV. For personal use, you cannot deduct anything for a rented RV.

If you rent it as a renter, it is considered as personal...

LinaJ2018 — Tue, 04 Jun 2019 19:23:18 GMT

If you rent it as a renter, it is considered as personal use, then no deductions. If you rent it to tenants, you would treat it as a rental and report it on a Form Schedule E. Per IRS, it is depreciated over five years.

You could deduct any other rental expenses that you pay for the RV, such as mortgage interest, insurance, real estate and any utilities. To report a rental, you would need to upgrade to TurboTax Premier edition.

Depreciation

Rlwright517 — Wed, 23 Dec 2020 22:01:24 GMT

I am aware of the 5 year depreciation for RV Rental. However, Turbo Tax is currently showing that I ma to use the 27.5 year depreciation. What am I doing wrong?

Re: Depreciation

Critter-3 — Wed, 23 Dec 2020 23:08:54 GMT

You are in the wrong section ... do not use the Sch E for residential rental real property.

Instead you will use the Sch C because you are in the business of renting out personal property that is not real estate. When you enter the RV as an asset.

Re: Depreciation

Rlwright517 — Tue, 05 Jan 2021 17:10:32 GMT

I have seen in other locations that it should be entered on Schedule E, since I do not provide full services. Can I use Schedule E and still get the 5 yr depreciation. If so, how would I enter it.

Re: Depreciation

Mike9241 — Wed, 06 Jan 2021 07:41:38 GMT

is the RV being situated at a fixed site and used as housing by the tenants? or are you renting out an RV that people take on the road? what services do you provide.

Re: Depreciation

Rlwright517 — Wed, 06 Jan 2021 18:48:01 GMT

I rent it to families for short vacations on the road. I was able to get the system to allow 5yr depreciation by calling it a trailer

Re: Depreciation

jimmystick11 — Tue, 26 Jan 2021 22:15:31 GMT

I cannot find anywhere to call it a Trailer to allow for the 5 year depreciation. Can you explain where you found that?

Re: Depreciation

Critter-3 — Tue, 26 Jan 2021 22:58:44 GMT

If it has a motor and wheels then call it a vehicle to get the 5 year option.

Re: If you rent it as a renter, it is considered as personal...

scottywatty — Wed, 28 Feb 2024 15:29:06 GMT

Is the 5 year depreciation MACRS 5 YR 200%, MACRS 5 YR 150%, or Straight Line HY, Usable Life 5 years???

Re: If you rent it as a renter, it is considered as personal...

JamesG1 — Wed, 28 Feb 2024 15:58:10 GMT

You will report the income under an IRS Schedule C Profit and Loss from Business, so you will select Self-employment income and expenses under Wages & Income.

You will report the motor home as a Vehicle but the key issue is the weight of the vehicle. There are several options under Select the type of vehicle and they are based upon weight.

See examples here.

After you know what weight category the Vehicle fits in, then you find out what depreciation options that you will have.

@scottywatty