I bought an RV this year. What and where can I deduct for this?
You may be able to deduct sales taxes paid on purchase or property taxes and interest paid on a secured loan for the RV (if you are eligible to itemize deductions).
You can deduct interest paid on a loan secured by your main home and second home. Both your main and second home can be a mobile home, house trailer, recreational vehicle (RV), or houseboat that has sleeping, cooking and toilet facilities.
Even if you don’t have a 1098, you’ll still enter all of the same information by answering the interview questions.
Sales tax is not the same as property tax and not deductible the same.
If you itemize your deductions, you can deduct either:
State and local income taxes you paid; or
State and local sales taxes you paid.
Enter both in TurboTax and it will provide you with the greatest benefit.
To add RV loan interest deduction, property taxes and sales tax:
1. Sign In or Open TurboTax
2. Select "Take me to my return" (Online)
3. Select "My Account" on top right of the screen (Online)
4. Click on "Tools" (Online)
5. Go to "Topics Search" (Online) or "Search Topics" in the top center of the screen (Desktop)
6. Type "1098" then select 1098 and press "enter" (Online) or Type "1098" then select "1098, mortgage interest, personal" then press "ok" to begin interview to add RV interest paid during the current year.
7. If you have already added mortgage lenders, click "Add a lender" on your "Mortgage Deduction" screen (Online) or click "Add Another Lender" on the "Home Loan Deduction Summary" screen (Desktop) to add RV interest paid.
8. To enter property taxes: repeat steps 3-5 above
9. Type "property taxes - other" and press "enter" to enter property taxes for your motor homes, mobile homes, RVs, boats and planes..
10. To enter sales taxes:
11. Go to "Deductions & Credits" and "I'll choose what you work on".
12. Then select "Estimates and Other Taxes Paid"
13. Click "Sales Tax"
12. Choose "EasyGuide" if you want us to walk you through it.
Or, choose "Enter All My Receipts" and add the grand total.
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