What can I expect when renting my RV? How to depreciate it and what type of depreciation? What expenses can I deduct?

Forum|Forum|6 years ago
June 4, 2019
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Anita01

Employee

It depends on the use of the RV. For personal use, you cannot deduct anything for a rented RV.

PopeyeTheSalior

Employee

If you rent it as a renter, it is considered as personal use, then no deductions. If you rent it to tenants, you would treat it as a rental and report it on a Form Schedule E. Per IRS, it is depreciated over five years.

You could deduct any other rental expenses that you pay for the RV, such as mortgage interest, insurance, real estate and any utilities. To report a rental, you would need to upgrade to TurboTax Premier edition.

Rlwright517

I am aware of the 5 year depreciation for RV Rental. However, Turbo Tax is currently showing that I ma to use the 27.5 year depreciation. What am I doing wrong?

Critter-3

You are in the wrong section ... do not use the Sch E for residential rental real property.

Instead you will use the Sch C because you are in the business of renting out personal property that is not real estate. When you enter the RV as an asset.