How do I enter interest from a motorhome loan?

[userdj9281]

Where in the turbo tax program can I enter the interest? I could only find the home interest portion, but they demand a 1098, which I don't have.

[gloriah5200]

Yes, you can deduct the interest paid on a motorhome loan if the loan is secured by the motorhome and it is considered your only vacation home by manually entering the amount paid on Sch A for mortgage interest on a main home or 2nd home/vacation home. You can use your bank loan information on the motorhome received at the end of the year. You will have to enter to "type it in yourself" from your loan account statement where it asks for 1098 information.

There are certain guidelines required to be able to deduct interest on one principal residence and a 2nd home/vacation home on Schedule A.

For additional information please refer to:

IRS pub 936, Home Mortgage Interest Deductions

[userdj9281]

Unfortunately, I only have the interest amount and none of the other information turbo tax is requiring on the 1098 section. I know it's tax deductible, I just can't get it entered into turbo tax. 

Before I spend too much more effort on this, if the interest and other deductions I have aren't going to exceed 4 or 5,000 dollars, does it matter? Will my standard deduction overrule these deductions?

Thanks 

[ThomasM125]

The minimum federal standard deduction is $12,400 for a single filer. So, if your itemized deductions (state taxes, contributions, mortgage interest, etc...) are not more than that, then you will not benefit from itemizing your deductions on your federal return. However, it may benefit you on your state tax return.

The other entries for your mortgage interest in TurboTax are used to determine if your mortgage interest is deductible because the mortgage is not more than $750,000, so that may help you answer them.

[userdj9281]

Thanks that's very helpful. Can you help me with how to fill out the RV interest deduction when all I have is the interest amount? (I don't have the information for all the other boxes turbo tax wants for the 1098 form) 

[Cynthiad66]

TurboTax will accommodate your claiming your mortgage interest expense without a 1098 tax form , but you will at least need a statement from your lender to document your mortgage interest expense in the event of an audit.

Use Form 1098 (Info Copy Only) to report mortgage interest of $600 or more received by you during the year in the course of your trade or business from an individual, including a sole proprietor. 

You can contact the company where you make payments and ask them to either provide you a Form 1098 or just give you the information you need to complete the information.  If this is a private loan you should have the name and address of the person. 

Ultimately, you do not need the form 1098 to enter the deduction.

[Loadmap]

I do not have a 1098---Just a Year-End Summary Statement with interest paid. How do you enter this in Turbo Tax?

[Loadmap]

Do I need a TIN from the bank to complete the entry in Turbo Tax?

[DoninGA]

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@Loadmap wrote:

I do not have a 1098---Just a Year-End Summary Statement with interest paid. How do you enter this in Turbo Tax?

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You do not need a Form 1098 to enter the interest paid on the loan.  Just follow the TurboTax interview for adding the loan information.

Online returns -

Enter form 1098 in the Search box located in the upper right of the program screen. Click on Jump to form 1098

On the screen Did you pay any home loans in 2022? select Yes

On the following screen click on Continue

On the screen Let's import your tax info click on Change how I enter my form

On the screen How do you want to enter your 1098? click on Type it in myself

[DoninGA]

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@Loadmap wrote:

Do I need a TIN from the bank to complete the entry in Turbo Tax?

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No, you do not need the TIN from the lender.

[Loadmap]

I am having trouble following the steps in TT.

The following questions pops up: Do any of these situations apply:

1. Our names are not on the 1098

2. This is a seller-financed loan and I did not receive a 1098

3. None of the above

I got a loan from a credit union to buy the camper from the dealer....

Do I pick #2?

[DoninGA]

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@Loadmap wrote:

I am having trouble following the steps in TT.

The following questions pops up: Do any of these situations apply:

1. Our names are not on the 1098

2. This is a seller-financed loan and I did not receive a 1098

3. None of the above

I got a loan from a credit union to buy the camper from the dealer....

Do I pick #2?

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You select #3 None of the above.

It is not a seller financed loan since it is being financed by a credit union.

[Loadmap]

Great....the next screen in TT asks about seller-financed loan and TIN #.

After selecting item #3, TT does not clear this out...I had to manually do it and go back and forth a few times and saving the return and then that screen was gone.