- Paperback: 186 pages
- Publisher: Business & Tax Planning (October 2, 2013)
- Language: English
- ISBN-10: 0991027108
- ISBN-13: 978-0991027101
- Product Dimensions: 5.5 x 0.4 x 8.5 inches
- Shipping Weight: 10.6 ounces (View shipping rates and policies)
- Average Customer Review: 10 customer reviews
- Amazon Best Sellers Rank: #1,409,665 in Books (See Top 100 in Books)
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Can I Write Off My RV?: What Every RVer Should Know About Taxes? Paperback – October 2, 2013
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About the Author
George M. Montgomery, EA has over 35 years of experience, practicing in Oklahoma, Texas, Oregon and Arizona. He is licensed by the Internal Revenue Service as an Enrolled Agent, authorized to practice in all areas of corporate, partnership, fiduciary and individual tax returns, For over 15 years, he lived and traveled in a 35’ motorhome while working seasonally in numerous states. He presently has a virtual tax office in Mesa, Arizona where he practices tax accounting and consulting with RVers who themselves work as they travel in their RVs. You may contact him at BusinessAndTaxPlanning.com or at RVTaxMaster.com.
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Top customer reviews
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First, the book lacks authority for its statements. Authority in tax law comes from the Internal Revenue Codes, Treasury Regulations, Revenue Ruling and court cases. It does not come from IRS publications which even the IRS admits are inaccurate. Without authority, even the statements of a self-proclaimed RV Tax Master are opinions with no more weight that of the RV salesman he criticizes early in the book. Authority can be footnoted at the end of the book to allow easy reading.
He covers the ability to write off interest and taxes as a second home, but does not cover the 2 home 1.1 million dollar acquisition cost limitation on interest.
He declines to define “ordinary and necessary”, which is the term of art for determining what expenses are deductible under IRC sections 162 (trade or business expenses) and 212 (expenses for production of income. This is a critical concept and he misses a chance to empower his readers to determine deductibility for themselves. This could have been done in a couple pages.
His muddles the concepts of Tax Home, with that of a Home Base, and he seems to define them as maintaining a home or apartment. Section 162(a)(2) which is the primary authority for away-from-home expenses and it is a section having to do with business expenses. A tax home is the area of a taxpayer’s primary business. A full timer can have a tax home if he has a primary area where he conducts his business. For instance, a tax preparer that has a brick and mortar office for tax season, which he has to rent year round as his primary business. He does some seminary around the country during the off season. He could easily live aboard year around, take the RV on the seminar trips and still be entitled to away from home expenses.
If a taxpayer has more than one place of business, the primary one is determined by facts and circumstances. If the tax home cannot be easily determined, only then do the courts and the IRS use the three factor test from Rev. Rul. 73-529 that the author gives. He also does not mention that if you pass two of the three tests, it again becomes a matter of facts and circumstances.
His coverage of IRC 183 - activities not operated for profit (referred to as hobby loss rules) omits the fact that deductions are limited to the amount of income. In other words, no losses are allowed on activities not conducted for profit. Since this is the primary detriment to having your activity judged to be operated without a profit motive, it’s kind of important.
He has very little coverage of the mechanics of taking the deductions he says are allowable other than vague references to schedule A and C. He mentions depreciation but does not explain it, or give any notice to motorhome owners that their homes are listed property and the effects of that. There was no coverage of tax implications of buying, selling or trading an RV.
It is a rather short book with a fair amount of fluff. I am not sure who the market is: It does not give someone enough information to prepare their own taxes, it does not provide a practitioner with authority to follow its ideas, a taxpayer cannot take it to his preparer to prove anything because it again lacks authority, it does not even explain to a taxpayer how to see if the deductions they are authorized have been taken by their tax preparer. It is a general interest book with little in the way of actionable information, and as such, is expensive for a kindle book.
On the positive side he covers Domicile and state tax issues well, has good coverage of Charitable and Volunteering deductions and a good record keeping section. I like the format, especially the case studies in the back. He generally knows what he is talking about, he just leaves out critical details.
The author is an Enrolled Agent in good standing with the IRS. I suspect he knows most of the things I’ve covered here. I believe he could greatly improve this book for the next edition.
I learned several things about the tax side, especially recent changes to the code, that helped me with my taxes for 2013. Thank you for writing this, it's well worth the time and will save every reader real money when they come to the end of their business year.