Can i deduct the interest on a loan to buy a mobile home?

Forum|Forum|7 years ago
June 3, 2019
1 reply
1 view

it is a personal loan to buy a mobile home for my primary residence

TurboTax Home & Biz Windows

DS30

Level 12

Yes, the IRS considered an RV like a home. So if the loan used to buy the RV (and your RV has sleeping, cooking and toilet facilities) and you paid interest on this loan in 2016, you will be able to deduct this interest as interest on a home. (Just make sure that you keep tax records showing how the loan was used to buy the RV for future reference.)

You can put this interest expense under your home section because the IRS considers this a home for tax purposes.

Since you are using TurboTax Home and Business Desktop Edition, to enter your RV Interest, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Deductions and credits”
Next click on "jump to full list" or “I’ll choose what I work on”
Scroll down the screen until to come to the section “Your Home”
Choose "show more", then Mortgage Interest and Refinancing and follow the onscreen instructions
Enter the Bank Lender's name and select the box that you did not receive a 1098
Put the interest you paid during the year in box as "qualified amount: