IRS and the Interest Deduction

Simple, send them a copy of the 1099-int that you received from the lender that supports what you claimed!

The OP said he never has received a1099-int.

rctour wrote:
Simple, send them a copy of the 1099-int that you received from the lender that supports what you claimed!

Come on, really?

I bet the bank puts a copy online to be printed by the owner instead of mailing the out to everyone. Call the bank and see if that's the case.

I believe the statement is a substitute 1099. As a CPA for 35 years the previous is what I would do. But I have learned in the past that many of you do things a little differently than I do. Just a suggestion that seems simple to me.

It's not a 1099-INT or 1098, it's just a substitute 1099 showing how much interest they earned on your loan. Then I guess you need to show how the loan relates to your second home, letter, pictures?

I've always done just as you as it's not a mortgage loan it's a vehicle loan . The interest is still deduct able as long as it has a bed ,cooking and bathroom facility . It doesn't matter who loans the money. Heck if uncle Larry loans you money for your stick home and charges interest he's not providing a 1099 and the interest is still deductible. I'd request a hearing.

The simple answer is NO, you should not have any issues deducting your RV as a 2nd home unless you have something else that would be considered a 2nd home. You should be getting a 1099-int for the RV loan but if you don't you should be able to request one. Even without that, you must have proof that you paid interest on a loan related to your RV (the only thing that could be considered a 2nd home) and this will be usable as proof of ownership.

rctour wrote:
I believe the statement is a substitute 1099. As a CPA for 35 years the previous is what I would do. But I have learned in the past that many of you do things a little differently than I do. Just a suggestion that seems simple to me.

That's why I sent them a copy of the statement but they have said that's not good enough apparently. Actually all the really said is the documents I sent them do not support the deduction.

And on the 1099 on line that somebody mentioned, if they put the 1099 online they would have also reported it to IRS and IRS wouldn't be sending me the letter. My home mortgage is also through Wells Fargo and in fact the IRS did receive that 1099 as it's listed on the letter they sent me.

Funny thing is I also paid interest on some bare land I own and that interest was reported to me on a 1099. That interest is not deductible as the land is not improved and even if it was you only get one second home. But the IRS in both letters is giving me credit for that interest as a deduction. And in the letter I sent them I explained that I did not deduct that amount and why, but on the second letter they still left it on. I'm just wondering if this is the new IRS making mistakes like this. In all my years of filing tax returns I've never had a single issue with the IRS.

jorbill2or wrote:
I've always done just as you as it's not a mortgage loan it's a vehicle loan . The interest is still deduct able as long as it has a bed ,cooking and bathroom facility . It doesn't matter who loans the money. Heck if uncle Larry loans you money for your stick home and charges interest he's not providing a 1099 and the interest is still deductible. I'd request a hearing.

I actually used that very language with them in the explanation letter I sent them.

Bill.Satellite wrote:
The simple answer is NO, you should not have any issues deducting your RV as a 2nd home unless you have something else that would be considered a 2nd home. You should be getting a 1099-int for the RV loan but if you don't you should be able to request one. Even without that, you must have proof that you paid interest on a loan related to your RV (the only thing that could be considered a 2nd home) and this will be usable as proof of ownership.

Okay, but if you read what I wrote I did all that and they are saying no good. Just wondering if anybody else is having this issue. They have given a phone number to call them so I'll try calling on Monday, but I think we all know how well that is going to work. I think what I'll do first is contact Wells Fargo and see if I can get them to issue a 1099 for the loan.