Interest on personal use travel trailers is not deductible unless it qualifies as a main or second home. If it does qualify, then:
Yes, you can deduct interest as a main or second home if
You itemize deductions and if:
- The loan is secured by your main home or a second home. This means the home is put up as collateral to protect the lender.
- The home must have sleeping, cooking, and toilet facilities. This means mobile homes, RVs, and houseboats could qualify, in addition to conventional homes and condos.
- You or someone on your tax return must have signed or co-signed the loan.
This deduction includes interest on first or second mortgages, home equity loans or refinancing.
To deduct this interest expense, sign into your TurboTax return:
- Click Take me to my return.
- Click Federal in the left navigation pane.
- Click Deductions & Credits at the top.
- Click "I'll choose what I work on" or "Check for more tax breaks" or "See full list".
- Scroll down to Your Home and click ''Show More''.
- Click on Mortgage Interest, Refinancing, and Insurance.
- Click Edit/Add and add the lender and interest details.
If you used your travel trailer as part of a business, you may be able to deduct the interest you paid on your business return.
More information about the home mortgage interest deduction is at https://ttlc.intuit.com/questions/1899697
