I am trying to deduct the interest I paid on my motorhome RV but TT will not let me take the deuction unless I select "yes" to the question, "Is this loan secured by a property of yours"? My bank says the motorhome is not secured by property. My motorhome meets the criteria of all three facitities as stated in the IRS publication 936 for this deduction. Can you help me resolve this issue?
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how would you like it resolved?
The bank says it's not secured by the loan. How does this forum resolve that?
Since I qualify for this deduction I would like to know how to claim this deduction in TT.
If you took out a vehicle loan from bank it is secured by the vehicle itself. If you default on the loan, they will repossess the motor home. If you took out a general loan to pay cash for the vehicle, it is not a secured loan and not deductible.
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