Yes, you are able to claim the interest that you paid for the motorhome. This would be an itemized deduction that would show up on the Schedule A. With the higher standard deduction for the tax year of $12,400 for Single filing status and $24,800 for Married Filing Joint, fewer people benefit from itemized their deductions. You can enter the interest following the steps below:
1. With TurboTax open, choose Deductions & Credits
2. Under Your Home, Choose Mortgage Interest and Refinancing (Form 1098) (Choose this even if you don't have a 1098)
3. Answer Yes to Did you pay any home loans in 2020?
4. On the next screen, enter your Lender's name
5. Choose "The Seller is financing this loan and we didn't receive a 1098" then continue through the prompts and questions for this section. (You will need to enter the lenders EIN or social security number, as well as some other information to continue).
You can only deduct moving expenses if you are a member of the Armed Forces.
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