You are allowed to deduct mortgage interest on your first and second home. A home for IRS purposes is described as follows:
- For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
If your new truck has the requirements then you can fully deduct the interest on that portion of the loan as well if the total if amount of the loan is below $750,000.
As @Carl pointed out, otherwise you will have to prorate the amount of deductible mortgage interest that represents the 5th wheel.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
