I've seen a few posts that say the interest on an rv loan is deductible like a home mortgage. Is this true? I'll double-check with our accountant as she may already have us covered, but I am curious as to your experiences. Is the RV a primary or secondary residence? For us it is secondary.Thanks for the info!Tom

According to my tax advisor and wife (CPA), yes you can deduct the interest as a second home.

Yes...you can deduct loan interest as a first or second home, as long as it has full sleeping, kitchen and bath facilities. Did it for many years as our second home...now that it's our first home we actually take standard deduction as it works out better for us. Don't have enough deductions anymore...

See IRS Publication 936For you to take a home mortgage interest deduction, your debt must be secured by a quali- fied home. This means your main home or your second home. A home includes a house, con- dominium, cooperative, mobile home, house trailer, boat, or similar property that has sleep- ing, cooking, and toilet facilities.Tom

Yep, take all you can get!! Legally.

What is really deductible? | Good Sam Community

txdutt
Explorer
Aug 25, 2014
You probably won't get a 1099 for the interest on an RV loan-you'll have to calculate it yourself & put it in as a separate deduction--not a big deal-just a little legwork needed
Kittykath
Explorer II
Aug 25, 2014
tjfogelberg wrote:
For those who itemize (roughly 1/3 of taxpayers), it is a commonly forgotten deduction. Most RV lenders do not send out a tax statement at the end of the year so it gets forgotten. You can go back 3 years and amend if necessary if it was missed and you utilized Schedule A (Itemized Deductions).

Did this to the tune of an additional $1,036 back in my pocket!
ReneeG
Explorer
Aug 25, 2014
txdutt wrote:
You probably won't get a 1099 for the interest on an RV loan-you'll have to calculate it yourself & put it in as a separate deduction--not a big deal-just a little legwork needed

You are correct in not receiving a 1099. We used to, but not anymore, but you can easily contact the financial institution for this information.
tomthyme
Explorer
Aug 25, 2014
Great news folks! thanks for the info!
jalichty
Explorer
Aug 25, 2014
You won't get a 1099 anyway, but you also will not get a form 1098, which is the form the lenders send to mortgage payers. The 1099 if for interest and dividends that are paid to you.

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