Yes, your travel trailer is tax-deductible as a second home if it meets the following conditions: It must have sleeping facilities It must have cooking facilities It must have toilet facilities There is no requirement that it has a motor. The interest you pay on the travel trailer loan, as a second home, can be deducted. Interest can only be deducted on a maximum of two homes you may own.
If you have a loan for the travel trailer and use it as a second home, you can enter the interest that you pay as an itemized deduction.
1. With your TurboTax open, choose Deductions & Credits
2. Under Your Home, Choose Mortgage Interest and Refinancing (Form 1098) (Choose this even if you don't have Form 1098)
3. Answer Yes to Did you pay any home loans in 2019
4. On the next screen, enter your Lender's name
5. Choose "The Seller is financing this loan and we didn't receive a 1098" then continue through the prompts and questions for this section. (You will need to enter the lenders EIN or social security number, as well as some other information to continue)
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