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How do you deduct the cost of your RV from profits?

Jobshopr
Day-tripper III

If we had a loan for our Class C, I would assume I could deduct the payments from our profits when calculating taxes.

If you paid cash for your RV, how do you calculate the deduction? Using depreciation?

1 REPLY 1

cdporterfield
Day-tripper

You probably can “expense” the entire amount of your cash purchase, but you should check with your accountant. Otherwise, if you had a loan, then I believe you can depreciate AND deduct the interest portion of your payments.