Are you an RV enthusiast wondering if you can leverage your love for the open road to save on your taxes? You’re in luck! In this article, we’ll explore various RV tax strategies that could potentially save you a significant amount of money this year.

Whether you’re a full-time RVer or someone who uses their RV occasionally, there are several ways to make your RV work for you financially. We found a great video from Mark Kohler that dives deep into this topic, and below in the article are the highlights. Make sure to watch the entire video at the bottom of the article for even more insights.

1. Full-Time RV Living: The Tax Implications

Full-time RV living can be an exciting lifestyle choice, but it comes with its own set of tax implications. According to the video, “You’re not going to be able to write off your RV itself because it’s your home.”

However, there are ways to make parts of your RV deductible, such as using a toy hauler as a home office. “If you have the toy hauler in the back and we turn it into a home office exclusively, you could write off a portion of the RV,” the hosts explain.

Imagine telling your friends that your home office has wheels and a killer view—talk about a conversation starter!

2. State Tax Strategies for Full-Time RVers

One of the biggest advantages of full-time RV living is the ability to choose a state with no income tax. “I can choose one of these nine states that have no state income tax and go, ‘I’m moving my domicile,'” the video mentions.

This can be a significant financial benefit, especially if you’re currently living in a high-tax state.

Just be careful not to get too excited and change your state of residence every time you cross a state line. That might raise a few eyebrows!

3. Using Your RV for Business

If you have a small business, your RV can become a valuable business asset. “Do you ever go anywhere with your small business where you could use the RV to get there? All of a sudden, this RV becomes a work truck,” the hosts say. This opens up opportunities for mileage deductions and more.

Who knew that your RV could double as a mobile office? Just make sure your “office” doesn’t have too many “Do Not Disturb” signs when you’re parked at a scenic overlook!

4. Renting Out Your RV

Another great strategy is to rent out your RV when you’re not using it. “You can rent out your RV to other people using the Waverly app,” the video suggests. This can turn your RV into a money-making asset while still allowing you to use it for up to 14 days a year for personal use.

Imagine telling your friends, “Yeah, my RV is a business asset. It’s out there making money while I’m here sipping my coffee.”

5. Depreciation and Bonus Depreciation

Depreciation can be a powerful tool for RV owners. “With the tax policy in the works, we could see 100% bonus depreciation again,” the hosts explain. This means you could potentially write off the entire cost of your RV in one year.

Just be careful not to depreciate your RV so much that you forget to appreciate the amazing adventures it offers!

Conclusion

Whether you’re a full-time RVer or someone who uses their RV occasionally, there are numerous tax strategies to consider. From state tax benefits to using your RV for business and even renting it out, the possibilities are endless. We hope these highlights from the YouTube video help you make the most of your RV. Make sure to watch the entire video at the bottom of the article for more detailed information.