topic Re: RV deduction in Get your taxes done using TurboTax

RV deduction

macgadget — Fri, 08 Mar 2019 15:49:08 GMT

I am trying to deduct the interest I paid on my motorhome RV but TT will not let me take the deuction unless I select "yes" to the question, "Is this loan secured by a property of yours"? My bank says the motorhome is not secured by property. My motorhome meets the criteria of all three facitities as stated in the IRS publication 936 for this deduction. Can you help me resolve this issue?

Re: RV deduction

NCperson — Fri, 08 Mar 2019 16:05:42 GMT

how would you like it resolved?

The bank says it's not secured by the loan. How does this forum resolve that?

Re: RV deduction

macgadget — Fri, 08 Mar 2019 16:10:34 GMT

Since I qualify for this deduction I would like to know how to claim this deduction in TT.

Re: RV deduction

NCperson — Fri, 08 Mar 2019 18:25:25 GMT

So I guess I do not understand how you state you qualify for the deduction and satisfy the IRS conditions if one of the conditions is that the loan must be secured debt and your lender says it is not secured debt ???????

On that basis there is no honest workaround in Turbo Tax

Re: RV deduction

sailorgirl — Thu, 14 Mar 2019 21:49:53 GMT

If you took out a vehicle loan from bank it is secured by the vehicle itself. If you default on the loan, they will repossess the motor home. If you took out a general loan to pay cash for the vehicle, it is not a secured loan and not deductible.