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Would you clarify? Is this a Houseboat that you live on or used strictly for recreation?
Yes, sorry for not being more specific. This a sailboat that meets the requirements (bed, head and galley) for a second home tax deduction. The question is more specific to the turbo tax interface. How do I add the interest paid on the loan into turbo tax? Thanks! Hope that clarifies my question.
Yes, you clarified this beautifully. You may claim an mortgage interest deduction for this if used as a second home according to IRS publication 936.
Thanks for the response. The Form 1098 is where my confusion stemmed from. Do I need an actual 1098 or can I just fill in the information? Wasn't sure if the 1098 was a requirement.
No, you do not need an actual 1098. You can use a statement from the lender that has the information necessary to complete that section such as interest, loan balance, and when the loan was originated.
Thanks! Sad thing is I haven't added this deduction for the past 4 years or so.
I have a letter from the bank, but no 1098 for boat used as second home
@barbabc4 wrote:
I have a letter from the bank, but no 1098 for boat used as second home
If you have the interest paid information for 2022 and the amount of principal outstanding you can still report the interest paid as mortgage interest for a second home.
Click on Federal
Click on Deductions & Credits
Under Your Home
On Mortgage Interest and Refinancing (Form 1098), click on the start button
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