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I bought a 5th wheel RV in 2016. I currently have a loan on the 5th wheel. Can I claim the interest? If so, where do I claim it?

 
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1 Reply
MichaelDC
New Member

I bought a 5th wheel RV in 2016. I currently have a loan on the 5th wheel. Can I claim the interest? If so, where do I claim it?

Yes . You can deduct interest you pay on a loan secured by your main home (where you ordinarily live most of the time) and a second home. A second home can include any other residence you own and treat as a second home, and can be a mobile home, house trailer, recreational vehicle, or houseboat that has sleeping, cooking and toilet facilities.

This is an itemized deduction similar to a home mortgage. If your total itemized deductions (Property Tax, Mortgage Interest, Charitable Donations and State Income Tax) don't add up to more than the standard deduction for your filing status. More info about your situation would be needed to know for sure.

The interest paid on an RV would be deductible as a second home (vacation home).

Follow the steps to enter the interest: (TurboTax will help you determine if you qualify and how much it you will benefit.)

•        Click on Federal Taxes (Personal if using Self-Employed)

•        Click on Deductions and Credits

•        Click on I'll choose what I work on (if shown)

•        Under Your Home

•        On Mortgage Interest, click on the start or update button

 

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