According to the IRS, qualified foreign mortgage interest is as follows:
- Debt that is incurred to acquire, construct or substantially improve the taxpayer’s main or second home, and
- Debt that is secured by the home
A camper or recreational vehicle (RV) meets the IRS definition of a second home if it has sleeping quarters, a bathroom, and a kitchen.
To enter your mortgage interest
in TurboTax Online or Desktop, please follow these steps:
- Once you are in your tax return, type "mortgage interest" into search box on blue dashboard
- Click on Jump to Mortgage Interest (in blue)
- On the "Mortgage deduction summary" screen, click Add a lender
- Enter lender information and on the "Let's get the details from your bank 1098 now" screen, enter the amount paid for mortgage interest in Box 1. (TurboTax has no separate screen to enter mortgage interest not reported on a Form 1098).
For confirmation, please refer to IRS Publication 936, Page 4,Qualified Home:
http://www.irs.gov/pub/irs-pdf/p936.pdf
