Claiming a Fifth Wheel as a second home, does the new tax law allow this?

Forum|Forum|7 years ago
June 6, 2019
3 replies
33 views

Purchased a Fifth Wheel RV for our son to live in on 10/25/2018. It meets all the requirements and has all hookups for year round living. I will claim the registration and sales tax but am I able to claim interest on the loan toward a second home?

TurboTax Deluxe Online

Best answer by Leonard11_2

Yes, you can claim the interest on your Fifth Wheel RV that is being used as your second home.

You can deduct the interest on your Fifth Wheel RV if you itemize your deductions on Schedule A.

If you take the standard deductions in place of itemizing your deductions you can not deduct the interest.

The 2019 standard deductions are $12,200 if you are single or use married filing separate status $24,400 if you are married filing a joint return and $18,350 if you file as head of household.

[Edited 03/09/2020 | 3:25 PM PDT]

Leonard11_2Answer

Level 10

Yes, you can claim the interest on your Fifth Wheel RV that is being used as your second home.

You can deduct the interest on your Fifth Wheel RV if you itemize your deductions on Schedule A.

If you take the standard deductions in place of itemizing your deductions you can not deduct the interest.

The 2019 standard deductions are $12,200 if you are single or use married filing separate status $24,400 if you are married filing a joint return and $18,350 if you file as head of household.

[Edited 03/09/2020 | 3:25 PM PDT]