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Level 2

Question

RV Loan interest deduction

Forum|Forum|2 years ago
February 11, 2024
1 reply
0 views

I've read several post , however, my question is slightly different. I don't have a mortgage loan for my RV, I have an RV loan from US Bank, can I add up my yearly interest and deduct it as my second home?

Thanks

Level 12

A mobile home, RV, house trailer, or houseboat that has sleeping, cooking, and toilet facilities counts as a main or second home, and as long as it meets all the other requirements for deducting mortgage interest, you can claim the interest like an immovable home. Real estate taxes or personal property taxes can also be deducted.

Level 2

It does meet all the criteria but, I don’t have a 1098 because it’s not a mortgage loan. Not sure how to add the interest.

Level 15

Yes, you can include the interest even if you don’t have a 1098.

You’ll still need to enter the requested information as if it was on a 1098.
This is a sample copy of the 1098 form.
Enter everything as though you have a 1098.
Here's how to enter your mortgage interest statement in TurboTax --

Log into TurboTax

On the main menu on the left side of your screen
Select Tax Tolls,
And then Tolls
A pop up will appear
Choose the box Topic Search
Type a form number or form name 1098
It will bring you to that area.

Enter your information.

If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.

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