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I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

 
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IreneS
Expert Alumni

I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

As long as the travel trailer has sleeping, cooking, and toilet facilities you can enter the interest on the loan as a first or second home. 

The sales tax you paid on the travel trailer can be added to the amount of sales tax from the IRS tables as a "major purchase" in the itemized deductions if you elect to use the sales tax rather than the state income tax deduction.

To enter the interest on the trailer, please follow these steps:

  1. Click on Federal > Deductions & Credits.
  2. In the Your Home section, click on the Start/Revisit box next to Mortgage Interest, Refinancing, and Insurance.  [See Screenshot #1, below.)
  3. If you haven't entered any mortgage information yet, just proceed through the screens, entering the requested information on your first mortgage.  When finished, you will be brought to the Mortgage Deduction summary screen.
  4. If you've already entered information on one loan, you will be brought to the Mortgage deduction summary screen.  Click the Add a Lender box on the Mortgage deduction summary screen. [Screenshot #2]




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3 Replies
IreneS
Expert Alumni

I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

As long as the travel trailer has sleeping, cooking, and toilet facilities you can enter the interest on the loan as a first or second home. 

The sales tax you paid on the travel trailer can be added to the amount of sales tax from the IRS tables as a "major purchase" in the itemized deductions if you elect to use the sales tax rather than the state income tax deduction.

To enter the interest on the trailer, please follow these steps:

  1. Click on Federal > Deductions & Credits.
  2. In the Your Home section, click on the Start/Revisit box next to Mortgage Interest, Refinancing, and Insurance.  [See Screenshot #1, below.)
  3. If you haven't entered any mortgage information yet, just proceed through the screens, entering the requested information on your first mortgage.  When finished, you will be brought to the Mortgage Deduction summary screen.
  4. If you've already entered information on one loan, you will be brought to the Mortgage deduction summary screen.  Click the Add a Lender box on the Mortgage deduction summary screen. [Screenshot #2]




**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

This is something new. Will this be entered into the same section where I claim the interest on my house?
IreneS
Expert Alumni

I purchased a travel trailer in 2017. How do I claim the interest on the loan and the taxes paid at the time of sale?

Yes - I've added directions to my original answer.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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