So I got into an argument with a friend of mine, who thinks that RV's qualify as homes, therefore they can qualify as real estate. I 100% disagree with this statement, as an RV is a recreational vehicle meant to be used on the road and on the go. I understand you can live in one if you really decide to, but by usual standards it is not an actual home or real estate. I suppose if you were to park it somewhere on a patch of land, it could very well be a home, but I still wouldn't qualify it as real estate.
What do you guys think?
Yeah it can qualify as a home. As long as you have a bed, an area for food, and a place to do number 1 and 2, you have a residence. Not sure it qualifies as real estate, but it qualifies as a home to some extent.
It has to be stationed on a private or rented property and have access to water and electricity at all times to be considered residential. Some places are more leanent on what can and can't be considered property but in most cases, you need access to bother running water and electricity for it to be considered a residential home.
SouthernBlue: It has to be stationed on a private or rented property and have access to water and electricity at all times to be considered residential. Some places are more leanent on what can and can't be considered property but in most cases, you need access to bother running water and electricity for it to be considered a residential home.
This right here. I would check into it in your location, because rules are different. But, as long as you make it a livable home, it should be fine.
The RV would also need to have enough room for those living. This means, of you have any children, they will each need their own bedroom. If not, it doesn't qualify as a home.
In my area, you need to have something like this parked and stationed. We have "trailer parks" where you can do this. It needs to be fully connected to running water and electricity as mentioned and it needs to be on taxable property.
Not all RVs meet the IRS definition of a home. Your RV must have sleeping, cooking and toilet facilities. You don't actually have to live in your RV or even use it during the year for it to qualify as your second home, provided you don't rent it to someone else.
Today, lots of people work at home. One of the best tax deductions for home workers is the home office deduction. It allows you to deduct a portion of your rent or home mortgage expense, plus utilities, if you use a part of your home as a business office. However, your business must earn a profit to actually take the deduction (if you incur a loss, the deduction is carried forward to future years).