- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You didn't get a 1098 because (a) the loan is not a mortgage or (b) the interest was less than $600.
You may or may not be able to deduct the interest on the RV loan. If you can deduct it, it would be treated as mortgage interest for a second home and entered on Schedule A.
For the RV loan interest to qualify for a deduction, the RV must have sleeping facilities, cooking facilities, and toilet facilities.
For the loan interest to be deductible, the loan must be secured by the RV. In other words, the loan cannot be a personal loan or a general line of credit. The RV must be collateral for the loan.
You can only deduct mortagge interest for two homes. If you have a primary home, a vacation home, and an RV, you must choose two of those three.