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posted Jun 4, 2019 11:09:49 PM

I have interest paid on a qualifying boat loan, but it is not reported on a 1098. How do I deduct it?

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1 Best answer
Expert Alumni
Jun 4, 2019 11:09:50 PM

This is considered home mortgage interest if you consider your boat a second home and the loan is secured by the boat.

  • While you are logged into your TurboTax Premier account:
    • Federal Taxes tab > Deductions & Credits > Your Home > Mortgage Interest
      • Use the information for each different lender by using the "Add a lender" option, one for each lender. 

        When you enter your mortgage interest you can select the box that your information does not match your Form 1098.  (use the image attached or assistance)

  • The information below is confirmation.

https://ttlc.intuit.com/replies/3301694

1 Replies
Expert Alumni
Jun 4, 2019 11:09:50 PM

This is considered home mortgage interest if you consider your boat a second home and the loan is secured by the boat.

  • While you are logged into your TurboTax Premier account:
    • Federal Taxes tab > Deductions & Credits > Your Home > Mortgage Interest
      • Use the information for each different lender by using the "Add a lender" option, one for each lender. 

        When you enter your mortgage interest you can select the box that your information does not match your Form 1098.  (use the image attached or assistance)

  • The information below is confirmation.

https://ttlc.intuit.com/replies/3301694