Estimated Tax Tip Savings: A motor home used for business can qualify you for a potential $20,000-plus deduction or a potential $100,000-plus deduction—depending on the cost of your vehicle and whether the legislature reinstates a windfall deduction limit.
Have you been thinking about buying a motor home for business use? Perhaps you have allergies that make hotel rooms uncomfortable. Perhaps you have animals you want with you when you travel.
Good news: You should be able to take a hefty deduction for your motor home expense. The problem is, the tax code may be changing, so you’ll want to assess the risk before you put the pedal to the metal. Let’s make some simple assumptions to see whether things turn out just okay . . . or absolutely wonderful.
To make your analysis simple, let’s start with the worst-case scenario (which isn’t that bad) and then... Log in to view full article.