Forum Discussion

tomthyme's avatar
tomthyme
Explorer
Aug 24, 2014

What is really deductible?

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
  • pulsar's avatar
    pulsar
    Explorer
    Aug 24, 2014
    See IRS Publication 936

    For 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
  • kakampers's avatar
    kakampers
    Explorer
    Aug 24, 2014
    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...
  • filthy_beast's avatar
    filthy_beast
    Explorer
    Aug 24, 2014
    According to my tax advisor and wife (CPA), yes you can deduct the interest as a second home.

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