Yes, you can deduct the sales tax for the motorhome if you are itemizing your return.
Yes sort of, if this is treated as a second home you can deduct mortgage interest if you are itemizing your return. However, general loan fees are not deductible.
No, you cannot deduct repairs, tires or maintenance as these are personal expenses and personal property expenses are not tax deductible.
Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes (or sales tax) up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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