Where do I record mortgage interest for RV. I received a letter but not a 1098 from Bank of America

[Jimi1970]

You didn't get a 1098 because (a) the loan is not a mortgage or (b) the interest was less than $600.

You may or may not be able to deduct the interest on the RV loan. If you can deduct it, it would be treated  as mortgage interest for a second home and entered on Schedule A.

For the RV loan interest to qualify for a deduction, the RV must have sleeping facilities, cooking facilities, and toilet facilities.

For the loan interest to be deductible, the loan must be secured by the RV. In other words, the loan cannot be a personal loan or a general line of credit. The RV must be collateral for the loan.

You can only deduct mortagge interest for two homes. If you have a primary home, a vacation home, and an RV, you must choose two of those three.

[lostarly]

The RV meets the requirements of being a second home and the loan for purchasing it is secured by the the RV.  The problem is there is not a 1098 for it and there is no place to log the info in turbo tax for the interest.  To continue my return i entered the info as if I had a 1098.  It appears to me there should be another method for entering the info.

[RalphH1 · Accepted solution]

If the RV definitely qualifies as a second home, but you don’t have a 1098, you can just enter the box 1 “Mortgage interest” amount (as well as the other info which is applicable) as if there was a 1098. The return that will be sent to the IRS will just have the deduction amount (on Schedule A), and the IRS knows that not all interest has a matching 1098. (But you’ll definitely want to have statements from the lender or other documentation ready in case they’re curious later…)

Once you tell the TurboTax program it’s a second home and proceed, you’ll actually see a “What if I don’t have my 1098?” link at the bottom of the 1098 screen itself. This clarifies getting the info itself even if you didn’t get the 1098 or none was issued, and hopefully will make you comfortable with this, lostarly!