Marcus Lemonis, the CEO of Camping World and the Good Sam Club, made a video the other day. He used his phone’s camera to announce how proud he is to be selling Coleman trailers at his Camping World stores. He devotes the entire video to discussing Coleman trailers, their appeal to Millennials, and explains to viewers that one of the good things about RVs is that their loan interest can be written off the same as with a second home.
Oops! Not true. Beginning in 2018, the interest deduction was eliminated for travel trailers. Read more.
Click the video to watch.
https://www.facebook.com/marcus.lemonis/videos/252636722251077/UzpfSTkyMzg4MjIwMzc5OjEwMTU2MzM4NTAxNzkwMzgw/?fref=gs&dti=459393851210896&hc_location=group
There are several articles online that say the tax deduction is still available including this one…https://rvtailgatelife.com/2018/rv-tax-deductions
Has anyone spoken to a real tax lawyer/CPA about this? Surely there is one among the members here that could write a fact-based article about this issue!
Vanessa… from your provided url:
If you have a fifth wheel or travel trailer, the interest on your tow vehicle will not be deductible as home mortgage interest. Neither will any towed vehicle for a Class A or Class C motorhome.
Just briefly looking at the Coleman RV (for under 20,000) you can see the cheapness of the RV. You know if the cost is under $20,000, there are many things that are already wrong with the RV and the simple fact it is being sold at Camping World!
Vanessa, the rvtailgatelife article seemed to make sense. That said, I have heard that towed RVs have lost the deduction, but Class C’s and motor homes retain it.
Well if it were possible to deduct that interest it would be a REALLY BIG DEAL with the criminal interest rates Camping World hooks unsuspecting purchasers into accepting.
I am so angry about what he has done to and how he runs Good Sam and Camping World that I could not watch the entire video. In my opinion he is a shyster. His only interest is how much money he can get out of the RV’ers pocket. Customer service is not in his vocabulary.