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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?

dbbooks
Level 1
 
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6 Replies 6
dkh
Level 12

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-...

dbbooks
Level 1

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

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Terry53029
Level 12
Level 12

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

Terry53029
Level 12
Level 12

Sorry use must be more than 50% for 179 Typing too fast 😁

dbbooks
Level 1

Thanks. 100 percent business use

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dbbooks
Level 1
 
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