Mortage deduction

Kenny1949 — Thu, 03 Feb 2022 23:41:25 GMT

I purchased a RV in 2020 paid it off in 2021 and did not get a 1098 how do I enter the amount of interest, the form requires an unpaid balance, but I don't have a balance

Re: Mortage deduction

DawnC — Fri, 04 Feb 2022 00:11:54 GMT

For the outstanding balance, enter the amount you owed on the RV on 01/01/2021, so the balance at the beginning of the year, not the end of the year. There is a box you can mark if you did not get a 1098. Go back and edit your answers and mark that box. You will be asked for the lender's address and their SSN/EIN as well as the amount of interest, outstanding balance on 01/01/2021 and the date you took out the loan.

You're allowed to deduct the interest on a loan secured by your main home (where you ordinarily live most of the time) and a second home.

A mobile home, RV, house trailer, or houseboat that has sleeping, cooking, and toilet facilities counts as a main or second home, and as long as it meets all the other requirements for deducting mortgage interest, you can claim the interest like an immovable home.

topic Mortage deduction in Deductions & credits

Mortage deduction

Re: Mortage deduction