Title an RV into deed to claim a mortgage interest deduction

b727capt wrote:
The rules for deducting mortgage interest on a second home are: Has to have a kitchen, bathroom and you have to spend 14 days in it. One additional limit, you can only deduct the mortgage interest (first and second combined) on up to 1,000,000 in mortgage balence.

This is not accurate. The 'second home' needs to have 3 things - sleeping, cooking, and toilet facilities. There is no requirement to spend 14 days in it. In addition to campers, boats can also qualify as a second home as long as they meet the criteria.

OP wasn't aware RV Loan Interest was deductible and was looking to start a movement to make it so.

OP should now be aware that RV Loan Interest IS deductible

Whether or not OP has enough deductibles to 'itemize' is the question only OP cam answer.

lbrjet wrote:
The OP is using the mobile home/RV as a primary residence folks so all of these '2nd home' posts do not apply. No one addressed the question at hand. Don't think the interest can be put on schedule A.
You have to pay a lot of mortgage interest/real estate taxes/charitable giving these days to be even be able to write off your RV interest, like over a grand a month for a joint return. The tax benefit then applies to anything over that. Only one third of tax payers pay that much and actually use the Scedule A amount these days, vs the standard deduction.

You need to rethink that. Unless it is the third home, the interest is deductible. Yes, you must have enough interest and other items to use Schedule A. You might be surprised how many elderly, especially if they are single, have enough medical expenses, taxes, and charitable donations to itemize even without the interest so it can help them. Apparently the OP thought it would help him. At least that has been my experience doing tax returns professionally for almost 40 years.

The OP is using the mobile home/RV as a primary residence folks so all of these '2nd home' posts do not apply. No one addressed the question at hand. Don't think the interest can be put on schedule A.
You have to pay a lot of mortgage interest/real estate taxes/charitable giving these days to be even be able to write off your RV interest, like over a grand a month for a joint return. The tax benefit then applies to anything over that. Only one third of tax payers pay that much and actually use the Scedule A amount these days, vs the standard deduction.

I thought you could only take the interest if you live in it 6 mo out of the year. Hmmm I will have to check cause the way I read it on turbo is 6 months.

gbopp wrote:
I thought most RVers knew the interest is tax deductible.

Most do, however, keep in mind that trx430ex is a 1st time poster and new member and looking for info that he/she is not aware of since they haven't been on here previously. We should first give them the benefit of the doubt and not just automatically consider him/her a troll. Give them a chance to come back before we start labeling them.

Ron

The rules for deducting mortgage interest on a second home are: Has to have a kitchen, bathroom and you have to spend 14 days in it. One additional limit, you can only deduct the mortgage interest (first and second combined) on up to 1,000,000 in mortgage balence. If you meet all of those requirements you can deduct the interest no matter what kind of vehicle it is on. In addition if you are paying lot rent and a portion is divided out for property taxes or you pay property taxes separately, you can deduct those also.

Solar is deductible too, but I have no idea what 'line' because I haven't done taxes on paper in years.

You put the interest NOT reported on a Form 1098 (used for mortgages only) on the line under the one used for interest reported on a 1098. In 2014 you put RV interest on Line 11. 1098 interest was entered on line 10. The 2015 Schedule A will most likely have the same line numbers.

gbopp wrote:
I thought most RVers knew the interest is tax deductible.

maybe he should have joined us earlier than yesterday.
:)
bumpy