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sirk76
New Member

How do I add a boat loan for mortgage interest deductions?

 
6 Replies
DaveF1006
Expert Alumni

How do I add a boat loan for mortgage interest deductions?

Would you clarify?  Is this a Houseboat that you live on or used strictly for recreation?

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sirk76
New Member

How do I add a boat loan for mortgage interest deductions?

Yes, sorry for not being more specific.  This a sailboat that meets the requirements (bed, head and galley) for a second home tax deduction.  The question is more specific to the turbo tax interface.  How do I add the interest paid on the loan into turbo tax?  Thanks!  Hope that clarifies my question.

DaveF1006
Expert Alumni

How do I add a boat loan for mortgage interest deductions?

Yes, you clarified this beautifully. You may claim an mortgage interest deduction for this if used as a second home according to IRS publication 936.

  1. Go to federal>deductions and credits>your home>Mortgage Interest and Refinancing (Form 1098)
  2. I don't know if you received a 1098 for this from the lender but if not, you may have received paperwork that reported your balances.
  3. As you navigate through the screens, when you come to Let's import your tax info, indicate change how I will enter this form.
  4. Next screen indicate you will type this in yourself.
  5. Next fill in the lender's name.
  6. Answer the question in the next screen and continue
  7. Let's get the details from your 1098 Here is where you will enter the name of the lender, the loan interest amount, the amount of the loan, and what date the loan originated. Keep in mind, I mention loan and not mortgage but in this context, these both mean the same thing.
  8. Answer the questions until you are at the end of the section and you should be good to go.
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sirk76
New Member

How do I add a boat loan for mortgage interest deductions?

Thanks for the response.  The Form 1098 is where my confusion stemmed from.  Do I need an actual 1098 or can I just fill in the information?  Wasn't sure if the 1098 was a requirement.

DaveF1006
Expert Alumni

How do I add a boat loan for mortgage interest deductions?

No, you do not need an actual 1098. You can use a statement from the lender that has the information necessary to complete that section such as interest, loan balance, and when the loan was originated.

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sirk76
New Member

How do I add a boat loan for mortgage interest deductions?

Thanks!  Sad thing is I haven't added this deduction for the past 4 years or so.

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