All Forum Posts by: Bruce M.

I'm just not seeing any strategy that can offset to any significant degree, the depreciating nature of either asset.   Its this sharp depreciating component which has always prevented such a purchase.  I just can't accept such a constant ever increasing loss, even if I can afford it.  Its just not in my DNA

other ideas?

Buy it personally, and rent it full time to my C-corp?

I don't think I would be interested in renting a boat or RV....I would have it too long for that to make sense.

Though I own several properties, I currently have no primary residence...   So making it my primary is a low bar.   But I would not be interested in renting for 14 days or less or at all.

For the RV case, the use would be within the USA

For the Boat case, use would be entirely outside the USA.

I don't think I would be interested in renting a boat or RV....I would have it too long for that to make sense.

Though I own several properties, I currently have no primary residence...   So making it my primary is a low bar.   But I would not be interested in renting for 14 days or less.

For the RV case, the use would be within the USA

For the Boat case, use would be entirely outside the USA.

Looking for various tax strategies to reduce the reality that a large RV or boat is a grossly depreciating asset

I would not have a loan, so claiming it as a primary or secondary residence and claiming the mortgage deduction is not applicable.
I sold my primary residence and I have several rental properties which I use as I'm fixing them up.

What I'm pondering is living aboard and working aboard developing a new product, while traveling.   I have other existing consumer products.

So I would outfit the RV with Solar and Starlink to provide power and internet at all times.  Solar has an energy credit and Starlink is deductible as business expense.  I could perhaps use Section 179 for the solar overall, as solar would be necessary, although not ordinary to conduct R & D.  It seems a stretch to pay for the Rig with Section 179.

I would have development equipment onboard and dedicate a portion of the space to development

I could put the companies logo on the side as advertisement

Given this, what tax strategies are actually practical?

If I had the business headquartered at some commercial or industrial space, I could deduct the entire cost of the space.  Just trying to understand what is practical applying the same to a large RV or boat

What is the loss limited to, as a non professional?

I never plan to sell other than as a 1031, if that.  So my kids will get it or its exchanged replacement in the future(~10 yrs).  To me that says, I need not worry about the depreciation going to waste?  But I'm not that confident yet

1st property 10 years fully occupied rental......1031 exchange into 2nd property -->  rented a few months.   Been vacant 2+ years, but have been taking the depreciation as had the intent to rent.  Its just a rural single family home

My view is I don't need to rent....I can have an investment property solely for the appreciation over time.  And that has in fact happened, its up 45% since purchase in 1/2020

Dave Foster was the one that handled my 1031

What are the tax ramifications of deciding not to rent a rental property and just leave it empty?

This is a property purchased via 1031 exchange, rented briefly, and depreciation has been taken for 3 years.

Long term, it may be rented again or purchase something else via 1031.

What would be the tax issues with restarting it as a rental in a few years?

@Chris Seveney, I went to an auction on Thursday, the foreclosure was canceled, bankruptcy was filed.  After the fact I tried to search the national Pacer bankruptcy database, but could find no mention of the property's owner.

@Chris Seveney, will that act to halt the foreclosure, or will the winning bidder end up with a property they can't possess?