Purchased a motorhome in 03/2022 and paid cash. What write offs come with that purchase (2nd residence, storage fees, full time living, etc.)
How to benefit from sales tax deduction and license fee when the motorhome was registered under a LLC?
Hi @Mr Smitty - congrats on your retirement and new motorhome, and thanks for chatting with us today.
Deductions related to the purchase of a motor home would potentially include sales tax on the purchase of the home, personal property tax (if your state charges one), and mortgage interest if the home qualifies as a second home. However, you stated that you paid cash for the home and did not finance it, so that last item wouldn't apply in your particular case.
Storage fees are a personal expense and are not deductible.
Is the motor home owned in a single member LLC owned by you alone? If so, this entity is considered a disregarded entity by the IRS unless you elected to have it taxed as a corporation. As a disregarded entity the taxes paid could be reported on your personal tax return.
I hope this information was helpful!