Tax Time

Kevinmc5 · February 20, 2011, 06:39:00 PM

It's Tax time, you can deduct the interest and Rv tag. What else? Is there any one that will give you a loan on a 1968 mci or can the interest on a personal loan be written off? How does this work for the best? I need a tax write off.

belfert · February 20, 2011, 07:17:03 PM

Are you buying a bus, or do you have one now? Probably the only way you could possibly get a lon with the bus as collateral is if it was professionally converted new. Even then it it probably too old for most banks,

The interest on a loan on an RV can be tax deductible as a second residence if the RV is the collateral. The home interest deduction is a huge target in Washington and may not be around long term.

Kevinmc5 · February 20, 2011, 07:38:58 PM

Belfert
I've been looking for a bus for about 1 yr. I'am fond of the older ones. This seems to be more of a challenging whether its Special construction motorcycles (which I know) or any thing unique is challengeing to finance

belfert · February 20, 2011, 08:21:45 PM

I wasn't sure if you were buying a bus or trying to get a loan on one you already have. Taking out a loan simply for a tax writeoff would be silly as the interest is more than the tax savings. It sounds like you need a loan to buy a bus.

I would suggesting tapping home equity if you have any as it will probably be easier than getting a loan on a 1968 bus.

My big problem has been securing insurance. My current insurer has no problems insuring my bus, but I could get other insurance for less money. The problem is the other insurer won't insure my bus.

boxcarOkie · February 21, 2011, 02:37:54 AM

Quote from: belfert on February 20, 2011, 08:21:45 PM
I wasn't sure if you were buying a bus or trying to get a loan on one you already have. Taking out a loan simply for a tax writeoff would be silly as the interest is more than the tax savings. It sounds like you need a loan to buy a bus.

I would suggesting tapping home equity if you have any as it will probably be easier than getting a loan on a 1968 bus.

My big problem has been securing insurance. My current insurer has no problems insuring my bus, but I could get other insurance for less money. The problem is the other insurer won't insure my bus.

Insurance is a problem, they kind of gang ______ me, give me all of your cars and we will take your bus, that kind of deal.

You have to have it, so there is no way around it.

We actually had a loan approved for a stick n staples motor home, 3 slides and over $300K and everything was set. It was a Country Coach Magna nice outfit. All set to go, approved and everything, then I casually mention that "as soon as I sell my home in Oklahoma City, I will clear the note." Bingo! Alarms go off, this banker then says I will be homeless if I do that, and starts hassling me about where I am going to live if the coach is being serviced and all that crap. Which as most of you will agree "that where I live is none of his @@#@@!@#*%* business" and he didn't care for me telling him so.

Short end of story ... Loan was disapproved the next day and we did not get the coach.

That is a banker for you.

I am not a CPA but the way I understand it is this ... You take out a second on your home to buy the bus and the interest on the second is tax deductible, but I would seek out a tax professional before making any kind of decision on it.

BCO

Kevinmc5 · February 21, 2011, 08:18:11 AM

I did not know Insurance was a problem. The same company that Ins. my custom motorcycle say they can Ins. a bus and for a lot less then the motorcycle. As for a loan I would like to sell the bike to pay for the bus, just thought I might be able to save some $ at tax time if I got a loan.

Kevin

belfert · February 21, 2011, 08:26:36 AM

You can certainly find insurance for a bus conversion, but not every insurance company will cover them. If you buy one that was professionally converted insurance should not be an issue.

I personally would not take out a loan just to save on taxes. You'll generally pay more in interest than you save on taxes.

Kevinmc5 · February 21, 2011, 08:59:02 AM

Thanks for your thoughts. just wishfull thinking. Trying to convince my self that buying a bus is not crazy that it makes good business cents LOL

thejumpsuitman · February 21, 2011, 09:00:44 AM

Quote from: belfert on February 21, 2011, 08:26:36 AM
You can certainly find insurance for a bus conversion, but not every insurance company will cover them. If you buy one that was professionally converted insurance should not be an issue.

I personally would not take out a loan just to save on taxes. You'll generally pay more in interest than you save on taxes.

Not just generally, always. Interest write-off is a terrible reason to take out a loan.

Len Silva · February 21, 2011, 09:01:46 AM

Kevin,

You may be just starting to get it

That's why we are called nuts. There is nothing sane about owning a bus conversion.

babell2 · February 21, 2011, 11:23:43 AM

If you can turn the bus in to a business, Then you can write things off (good luck with that).

fe2_o3 · February 21, 2011, 12:10:25 PM

If you use your bus in a business your ins and road tax issues could increase drastically...Cable

white-eagle · February 21, 2011, 04:50:43 PM

if you use your bus as your home and you travel, say selling advertising at campgrounds, then all your travel expenses are deductible, cause you have to have a motorhome or RV to be in the campground.

But the only way you can deduct a loan is to have it on the house, cause you usually can't get a loan on a bus. unless you work with Marathon! i'm sure they can get you a loan and one heck of a write off on one of theirs.

if you are just looking for a write off, i'm looking to be a dependent.

Ed Hackenbruch · February 22, 2011, 06:45:14 AM

Don't forget that if you use your bus as a business then you have to do the CDL thing.