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
