Can I file my RV loan interest and expences,where can I file?

[SamiaI · Accepted solution]

You can claim the interest paid on the RV. A camper or Recreational Vehicle (RV) meets the IRS definition of a second home if it contains sleeping, bathroom and kitchen facilities. Interest paid on a loan for the purchase of a recreational vehicle is therefore tax deductible as valid home interest on a second home ( As per IRS publication 936-http://www.irs.gov/pub/irs-pdf/p936.pdf).

To enter your RV Interest in TurboTax Online (for TurboTax Online sign-in, click Here and click on "Take me to my return") or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Deductions and credits”
3. Next click on "jump to full list" or “I’ll choose what I work on”
4. Scroll down the screen until to come to the section “Your Home”
5. Choose "show more", then Mortgage Interest and Refinancing and follow the onscreen instructions.

Or, log into your online account, begin working on your tax return, and then type the text string "mortgage interest" into the Find / Search box near the top.  When the "Jump To" link appears beneath, click it and the program should take you where you need to go in the software.

You could also claim the personal property taxes that you pay on your RV. However, you would only get to deduct any taxes that the state charged you based on the value of your mobile home. These taxes goes under the personal property tax section:

To enter your RV property taxes in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Deductions and credits”
3. Next click on "jump to full list" or “I’ll choose what I work on”
4. Scroll down the screen until to come to the section “Cars and Other Things You Own”
5. Choose "show more", then Personal Property Taxes and follow the onscreen instructions

You can enter the sales tax you paid for the RV you purchased in 2017 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax.  You will be asked if you paid sales tax on a major purchase, and you will be able to enter the sales tax you paid for your new vehicle. 

Sales tax is an itemized deduction.  If your state has a state income tax, you have to choose between using the deduction for your state tax paid OR the sales tax deduction, whichever is higher. The TurboTax process will suggest one or the other as you prepare your return.

You can read TurboTax faq here: Is interest on RV deductible

[eslepsky]

but it is asking for a 1098 and there is no 1098 on RV loan.  just a interest letter stating what i paid in interest

[debmor5590]

How do i input our interest paid on an RV in turbo tax if I have no 1098

thank you,

Debbie

[JillS56]

Under the U.S. tax code, RV buyers can deduct the interest on certain loans used to purchase RVs as a mortgage on a second home. RVs qualify for a second home mortgage interest deduction because they are a popular weekend and vacation 'home' for middle-class Americans.  The interest would be claimed under Deductions & Credits on the Federal return > then scroll to Mortgage Interest and Refinancing (Form 1098) and click on Edit/Add > then click Add a 1098 > add the 1098 information.    To manually enter the 1098 click on the box "Change how I enter my form".

[pitchy]

If we add the interest under the section you recommended, will it flag the IRS for matching issues since there's no 1098?

[AmyC]

The schedule A just lists the total of the mortgage interest. You can just add a fake form or add the interest to one you are already adding, provided you qualify.

IRS | Second Home

IRS | Home Mortgage Interest

Reference:

About Schedule A (Form 1040), Itemized Deductions - Internal Revenue Service

@pitchy