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.htmlIn order to set up as a business asset, while logged in and working on your return:
EVERYTHING I have read tells me that an RV cannot be a business asset. Where did you get your information that it can be?
Yes, you can deduct an RV. I've actually done it. But you really have to be using it as a business expense. It's basically real estate. I'm not an accountant and the details matter. Make sure you have a good accountant so you can do it properly. I couldn't find any information published by the IRS as proof of this, but I know my accountant is highly accredited and straight and narrow.
Although many would think of the RV as a second home when used for business it is an asset and can be depreciated. Also you should use the actual expenses option so you can depreciate it properly ... follow the screen instructions in the VEHICLE expenses section ( this is treated like a big rig for income tax purposes).