A business owner purchased RV to convert to a mobile hair salon with no living quarters. What asset class/life it would be? Use vehicle deduction rules? Loan treatment?

Forum|Forum|4 years ago
August 19, 2021
2 replies
10 views

No text available

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

Is this a Motorhome or a towable RV trailer? I wouldn't think vehicle deduction rules would apply even if it is a motorhome. I'd lean towards 7yr equipment depreciation

What is your question about loan treatment? If a business loan, then interest would be business deduction.

Google found this https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-bought-a-motorhome-for-use-in-my-personal-business-i-use-it-exclusively-for-work-i-am-making/00/122915

D

dbbooksAuthor

Level 3

Thanks. It is small motorhome type. Retrofitting with salon equipment. Mobile to go to customers.

T

Terry53029

Intuit Community Champion

Class life of a Bus is 5 years, so I would use 5 years for an RV. If used morethan %0% in your business, it would also be eligible for 179 deduction or bonus deprecation