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We sold our primary residence mid Dec 2019 and bought a truck and fifth wheel as our primary residence. Can I deduct the taxes and registration fees ? If so, do I enter it as a recreational vehicle even though it is our primary residence?
We sold our primary residence mid Dec 2019 and bought a truck and fifth wheel as our primary residence. Can I deduct the taxes and registration fees ? If so, do I enter it as a recreational vehicle even though it is our primary residence?
The main home must be the one where you ordinarily live most of the year. This can be a boat or RV even if the boat or vehicle doesn't have a permanent location. As long as it contains the required facilities, you can claim it as your main home on your taxes. As long as the boat or RV is security for the loan used to buy it, you can deduct mortgage interest paid on that loan.
Sales tax is separately deductible as an itemized deduction. Yes, the registration fees may be deductible, if it's a yearly fee based on the value of your vehicle and you itemize your deductions. You can't deduct the total amount you paid, only the portion of the fee that's based on your vehicle's value. And, not all states have value-based registration fees
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