For tax year 2018 will interest on a RV motor home be deductible if the loan qualifies as a second home?

 
roxie1824
New Member

Deductions & credits

HOW DO I RECORD THE INTEREST PAID ON MY TRAVEL TRAILER IF I DID NOT RECEIVE A 1098

Deductions & credits

Same area as a home mortgage loan, but only if the RV meets the requirements of a second home (permanent cooking, toileting and sleeping facilities.  And the trailer is collateral on the loan.
MinhT
Expert Alumni

Deductions & credits

Yes, in 2018 interest on your RV motor home will still qualify for the mortgage interest deduction if the RV qualifies as a second home. The only change is that mortgages are limited to $750,000 (instead of $1,000,000 in 2017).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

email
New Member

Deductions & credits

Would you still be eligible for this deduction if the RV is not motorized (ie, a travel trailer / caravan)?
jmceuin
New Member

Deductions & credits

I would like to know the answer as stated above if the RV is a travel trailer that has all qualifications but does not have a motor.

Deductions & credits

The mortgage or loan interest would be deductible if used to purchase a second home.  The loan MUST be secured by the second home, ie, if you miss a payment the lender can seize the home.   A home must contain permanent sleeping, cooking, and toilet facilities.  A motor is not required. Some travel trailers will qualify, some won't.
jmceuin
New Member

Deductions & credits

How do we determine if they will or will not qualify? Loan is secured by TT. Has all those items listed. Grand Design XLS 21BHE

Deductions & credits

What if I do not have a 1098 for the interest on the RV?
jmceuin
New Member

Deductions & credits

I see no where in the relevant document where it says anything about a motor. <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p936.pdf">https://www.irs.gov/pub/irs-pdf/p936.pdf</a> The only issue is my loan by the bank is called an installment loan but it has all the same structure and arrangements of a mortgage so trying to figure the 1098 issue.

Deductions & credits

I have pretty much the same question. My RV (travel trailer with bathroom, kitchen, bedrooms, etc.) is financed through my credit union.  They did not send out a 1098 however I can lookup my account on the  CU website and see my interest paid for 2018. Can I just use that number when doing my taxes?
jmceuin
New Member

Deductions & credits

Yes. Print out that information as backup and keep in your tax file. They will not send a 1098. This is the instruction from Turbo tax on how to handle it.
jmattia33
New Member

Deductions & credits

Where do should I input the interest from my RV loan? Same area as my home mortgage interest?
ttowns2
New Member

Deductions & credits

is RV secured loan