When you get ready to file your taxes, make sure you have all your information on payments made for your RV! An RV is actually considered a second home. On your taxes, you get to write off any interest paid on any home, and this includes any interest paid on your RV loan! Ensure you get a statement from the bank showing what portion of your payment is interest and how much has been paid for the year. Supply this to your accountant so it can be added to your deductions! Depending on where you live, you may also be able to claim a portion of what you paid to register your RV as well. If you live in a state where you pay a portion of the annual vehicle registration based on the value of the rig, this is another tax deduction! Working from your RV? Another tax break can be found here with business expenses! And if your job actually requires travel, then you have even more to write off. This will only work if you are using your RV for business purposes though. Ensure you speak with a tax professional about this and that what you're doing actually qualifies. You don't want to find yourself in the middle of an audit and being told that what you use it for doesn't qualify.
Fewer Travel Expenses
Traveling with an RV is much less expensive than without! If you are planning a trip without one, there are plenty of things you need to work into your budget such as hotels, restaurants, entertainment, etc! When you're rolling down the road with your own hotel room on wheels, you can cut out most of these costs. Campsites are much less expensive than a stay in a hotel room. There are even opportunities to camp for free in parking lots and in certain parks! Make sure you stock your fridge ahead of time and fill the propane tanks! Taking advantage of that gorgeous kitchen in your RV will cut the cost of meals way down! Also, there is the benefit of having a healthy, home-cooked meal, like this Grilled Lemon Chicken with Feta Rice, and no waitress to tip! Having your own TV in the rig offers entertainment when you need it that is much less expensive than heading out to the movie theater. You'll also love the privacy that your RV offers when you're curling up to watch a good camping movie or show.
If you're living in an RV full time, this opens up a whole new realm of savings! Not only are you not paying a property tax, but there are also a ton of small RV savings that really add up! If you play your cards right, you can actually end up with free utilities while living in an RV. If you're already planning to move from campground to campground with full hookups, you can fill and empty your tanks and use the electrical hookups for the cost of the spot fee. Unlike a house, these utilities aren't metered, so it's not going to change depending on how much you use. Also, no yard means no need to spend money on watering the grass. However if you indulge in a Hydro Hammock, you might see your water bill go up slightly, but it'll be worth every penny! If you camp in a fixed spot, then you may have meters and a separate bill for utilities. Even if you live in your RV full time, keep in mind that it's a much smaller space to both heat and cool! This means that it will take much less energy to achieve the same temperature that you would in a house. Most of the newer RVs have amazing insulation and may even hold in the heat/cool better than a house! To learn how to stay cool in the heat, click here! Many full timers end up installing solar panels for HUGE savings. Not having to use electricity or LP will help save tons of money. For tips on installing RV solar panels, read this.