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If you own, lease or operate an RV - or if you are considering adding an RV to your list of assets - taking steps to control costs is a necessity. Understanding the many tax-saving opportunities associated with RV ownership or leasing, can help ensure your investment is as cost-effective as possible. You should contact your accountant to understand how these suggestions affect your individual tax situation.
Use of an RV for business and personal travel has increased considerably over the past decade due to a number of factors:
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- A convergence of new legislation, court decisions and Internal Revenue Service (IRS) opinion have increased the value of corporate RV tax write-offs for personal and business use.
- Recent legislation to encourage capital spending provides attractive tax incentives in the form of bonus depreciation and higher expensing limits for business asset purchases.
- Business leaders and other frequent travelers have recognized the convenience, efficiency and increased productivity that RV use offers.
- Heightened security concerns after Sept. 11, 2001, has made RVing more appealing as a means of travel for business and pleasure.