I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

lpdragons03 — Thu, 06 Jun 2019 15:18:28 GMT

As long as the travel trailer has sleeping, cooking, and...

IreneS — Thu, 06 Jun 2019 15:18:30 GMT

As long as the travel trailer has sleeping, cooking, and toilet facilities you can enter the interest on the loan as a first or second home.

The sales tax you paid on the travel trailer can be added to the amount of sales tax from the IRS tables as a "major purchase" in the itemized deductions if you elect to use the sales tax rather than the state income tax deduction.

To enter the interest on the trailer, please follow these steps:

Click on Federal > Deductions & Credits.
In the Your Home section, click on the Start/Revisit box next to Mortgage Interest, Refinancing, and Insurance. [See Screenshot #1, below.)
If you haven't entered any mortgage information yet, just proceed through the screens, entering the requested information on your first mortgage. When finished, you will be brought to the Mortgage Deduction summary screen.
If you've already entered information on one loan, you will be brought to the Mortgage deduction summary screen. Click the Add a Lender box on the Mortgage deduction summary screen. [Screenshot #2]

This is something new. Will this be entered into the same...

lpdragons03 — Thu, 06 Jun 2019 15:18:31 GMT

This is something new. Will this be entered into the same section where I claim the interest on my house?

Yes - I've added directions to my original answer.

IreneS — Thu, 06 Jun 2019 15:18:33 GMT

Yes - I've added directions to my original answer.

topic I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale? in Deductions & credits

I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

As long as the travel trailer has sleeping, cooking, and...

This is something new. Will this be entered into the same...

Yes - I've added directions to my original answer.