|
|
02-10-2013, 06:00 PM
|
#2
|
Senior Member
Join Date: Nov 2010
Location: Denison, Texas
Trailer: 2015 21'; 2011 19' sold; 4Runner; ph ninezero3 327-27ninefour
Posts: 5,136
|
That's good to know. Available through 2016 for solar.
Also, I know that some people here have said that they were going to finance their Escape. Apparently, you can deduct the interest just as for a first home by considering the Escape to be a second home. The Escape would have to have a bathroom, kitchen area and sleeping area. Check with a tax consultant or you can look up the I.R.S. rules on it.
__________________
Cathy. Floating Cloud
"Live in the sunshine, swim the sea, drink the wild air.... "
Emerson
|
|
|
02-10-2013, 06:15 PM
|
#3
|
Senior Member
Join Date: Dec 2012
Location: Edmonton, Alberta
Trailer: 1979 Boler B1700
Posts: 14,935
|
Great tips.
Just in case anyone missed it - perhaps it's obvious - the tax rules are completely dependent on the country, and many even vary by province or state. While Escapes are made in Canada, many owners live in the United States, so both countries rules are of interest... just pick the ones that apply to you. For some people, that's both countries at the same time!
|
|
|
02-11-2013, 02:16 AM
|
#4
|
Senior Member
Join Date: Jun 2010
Location: Central, Pennsylvania
Trailer: Escape#5 2022 E19
Posts: 26,268
|
Never trust the promoter of a product that espouses tax incentives. Always go to the source, IRS. If you look at the form 5695 for tax year 2012, Residential Energy Credit, it specifically states it must be on your principal residence or main home of which you can only have one of. Also these rules are for US citizens filing US Federal Income Tax returns. Unless you are full timing in your Escape within the US, you would not qualify. Also note a residence must have a bath and kitchen, possible elimination of some Escape models.
As a retired special enforcement agent with IRS for 38 years, I saw this all the time, the seller tells you you can claim a tax deduction/credit if you buy their product. They take your money and walk away. Then a year later when IRS disallows the deduction and possibly other items on your return, you are left holding the bag, so to speak.
__________________
Jim
Sometime life gets in the way of living.......
|
|
|
02-11-2013, 08:13 AM
|
#5
|
Senior Member
Join Date: Apr 2012
Location: Edmonton, Alberta
Trailer: 2013 19' & 2013 15B
Posts: 2,636
|
Quote:
Originally Posted by cpaharley2008
...
As a retired special enforcement agent with IRS for 38 years, I saw this all the time, ...
|
Wow, with that job did they give you a license to kill and a secret number, like 007?
__________________
2013 19' \ 2013 15B, 2020 Toyota 4Runner TRD Offroad
"It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it." - 1907, Maurice Switzer
|
|
|
02-11-2013, 08:21 AM
|
#6
|
Senior Member
Join Date: Jun 2010
Location: Central, Pennsylvania
Trailer: Escape#5 2022 E19
Posts: 26,268
|
Badge#586, Baltimore Field Office but was assigned to Department of Justice in Washington, DC my last 5 years of service as part of a joint task force of FBI/IRS working on Enron cases.
__________________
Jim
Sometime life gets in the way of living.......
|
|
|
02-11-2013, 08:23 AM
|
#7
|
Senior Member
Join Date: Dec 2012
Location: Edmonton, Alberta
Trailer: 1979 Boler B1700
Posts: 14,935
|
Even more good information - thanks Jim.
My post was triggered by the fact that mortgage interest (even for a conventional principal residence) is not deductible in Canada; I was not aware that the solar scheme was invalid even in the U.S.
Just as the Internal Revenue Service is the authority in the U.S., it is the Canada Revenue Agency (CRA) here.
|
|
|
02-11-2013, 08:28 AM
|
#8
|
Senior Member
Join Date: Jun 2010
Location: Central, Pennsylvania
Trailer: Escape#5 2022 E19
Posts: 26,268
|
You may be eligible to claim the interest on a second home, subject to limitations. Certain models of Escape can qualify as a second home similar to vacation homes, larger boats, mobile RV's.
These are applicable to US citizens only.
__________________
Jim
Sometime life gets in the way of living.......
|
|
|
02-11-2013, 08:12 PM
|
#9
|
Senior Member
Join Date: Nov 2010
Location: Denison, Texas
Trailer: 2015 21'; 2011 19' sold; 4Runner; ph ninezero3 327-27ninefour
Posts: 5,136
|
Jim, you might want to read that again. The main home requirement is only for fuel cell property. For solar electric, panels, it says that it does not have to be your main home.
The little list that they give, however, includes "mobile home" as a home and does not mention "house trailer" as is mentioned for deducting mortgage interest on a second home. For deducting interest, it mentions that the home has to have cooking, sleeping and "toilet facilities.". I can see someone with a port- a-potty or composting toilet in their trailer saying that they qualify.
I am not finding any definition for mobile home that would say whether it can include trailers or motorhomes for the solar credits. But, yes, you can get credits for a second home.
__________________
Cathy. Floating Cloud
"Live in the sunshine, swim the sea, drink the wild air.... "
Emerson
|
|
|
02-11-2013, 10:32 PM
|
#10
|
Senior Member
Join Date: Dec 2011
Location: _, Texas
Trailer: Escape 5.0 SA
Posts: 544
|
Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.
David
|
|
|
02-11-2013, 10:56 PM
|
#11
|
Senior Member
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B 2020 Toyota Highlander XLE
Posts: 17,136
|
Quote:
Originally Posted by daveandsandyclink
Ice-breaker's post is out of line!
Where's the moderator when you need him.
David
|
Looking at my watch; under covers.
baglo
__________________
What happens to the hole when the cheese is gone?
- Bertolt Brecht
|
|
|
02-11-2013, 11:20 PM
|
#12
|
Senior Member
Join Date: Dec 2012
Location: Edmonton, Alberta
Trailer: 1979 Boler B1700
Posts: 14,935
|
Quote:
Originally Posted by daveandsandyclink
Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.
David
|
While certainly off-topic and unrelated to Escape trailers, I didn't find the "007" remark out of line, and I appreciated the humourous spin on Jim's "special enforcement agent" title. I can't speak for Jim, but from his reaction it appears that he didn't mind, either.
Tax accounting could use more smiles. Frankly, I was trying to think of a good response myself, playing on the numbers (007 and 586), but came up dry.
Moderators: please feel free to delete this post if desired, particularly if the side topic of secret agent remarks is trimmed out of the topic.
|
|
|
02-11-2013, 11:26 PM
|
#13
|
Senior Member
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B 2020 Toyota Highlander XLE
Posts: 17,136
|
I think that all of the responding posts have been tongue in cheek. Nobody has flagged any of them.
As a moderator, I've not had to do anything in four years. And, that's the way I like it.
baglo
__________________
What happens to the hole when the cheese is gone?
- Bertolt Brecht
|
|
|
02-12-2013, 08:22 AM
|
#14
|
Senior Member
Join Date: Apr 2012
Location: Edmonton, Alberta
Trailer: 2013 19' & 2013 15B
Posts: 2,636
|
Quote:
Originally Posted by daveandsandyclink
Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.
David
|
You gotta chill a little bit, Dave. No sarcasm was intended towards Jim's post, I have a lot of respect for him. He has a cool 19', and we both drive a similar Tug. And finally, my comments were meant in good humor. Didn't you see the smiley face?
And just to stay on topic, I am not aware of any Canadian or Alberta tax deductions that could be applied to an Escape trailer, as a 1st or 2nd home, or otherwise.
cheers
dave
__________________
2013 19' \ 2013 15B, 2020 Toyota 4Runner TRD Offroad
"It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it." - 1907, Maurice Switzer
|
|
|
02-12-2013, 08:24 AM
|
#15
|
Senior Member
Join Date: Sep 2010
Location: Kelowna, British Columbia
Trailer: 2008 Escape 17b
Posts: 1,868
|
Quote:
Originally Posted by daveandsandyclink
Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.
David
|
Ice-breakers just having some fun. Everybody knows James Bond isn't much of a camper.
It would be cool to see a "Q Branch" edition of the Escape 21!
|
|
|
02-12-2013, 08:26 AM
|
#16
|
Senior Member
Join Date: Jun 2010
Location: Central, Pennsylvania
Trailer: Escape#5 2022 E19
Posts: 26,268
|
No offense was taken, after 38 years on the job my skin is as hard as my head!!
__________________
Jim
Sometime life gets in the way of living.......
|
|
|
02-12-2013, 09:02 AM
|
#17
|
Senior Member
Join Date: Oct 2008
Location: Calgary, Alberta
Trailer: 2017 Escape 5.0 TA
Posts: 15,561
|
Quote:
Originally Posted by daveandsandyclink
Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.
David
|
David, if we removed all sarcasm from this forum, we would have no moderators ('specially that baglo character).
Oops, I guess that statement was sarcasm in itself. My point is, that having fun while learning is just a bonus. Just as in real life (not that this isn't real).
__________________
2017 Escape 5.0 TA
2015 Ford F150 Lariat 3.5L EcoBoost
2009 Escape 19 (previous)
“Most folks are about as happy as they make up their minds to be.” — Abraham Lincoln
|
|
|
02-12-2013, 01:28 PM
|
#18
|
Senior Member
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B 2020 Toyota Highlander XLE
Posts: 17,136
|
I thought Dave's post asking "where's a moderator" was joking since CPAHarley is a moderator.
Whatever..
__________________
What happens to the hole when the cheese is gone?
- Bertolt Brecht
|
|
|
02-12-2013, 02:17 PM
|
#19
|
Senior Member
Join Date: Oct 2008
Location: Calgary, Alberta
Trailer: 2017 Escape 5.0 TA
Posts: 15,561
|
Yeah, you could be right on that. Never looked at it that way.
__________________
2017 Escape 5.0 TA
2015 Ford F150 Lariat 3.5L EcoBoost
2009 Escape 19 (previous)
“Most folks are about as happy as they make up their minds to be.” — Abraham Lincoln
|
|
|
02-12-2013, 02:26 PM
|
#20
|
Senior Member
Join Date: Dec 2008
Location: ,, Oklahoma
Trailer: 17
Posts: 840
|
A joke on a joke, yep, that's why Glenn is the man we are lucky to have him here.
|
|
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|