2nd home interest

[taxclueless]

We have paid off our home and now have no interest to deduct on it.  We also have an RV and a boat (with bed/head/cooking facilities) that we are currently paying interest on.  Can I deduct interest on the remaining two loans that we pay interest on? 

[Marketstar · Accepted solution]

Yes, per the IRS, a motorhome or a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer to deduct mortgage interest. A qualified residence must include a sleeping space, a toilet, and cooking facilities.

In addition, the loan must be secured by the vehicle/boat.

To report mortgage interest in TurboTax Online

• Click My Account (Top right of your screen).

• Select Tools.

• In the pop up window, select Topic Search.

• In the search bar, type in mortgage interest

• Highlight it and select GO, and follow the prompts.

To deduct personal property taxes enter the same words in the search bar.