IRS and the Interest Deduction
Anybody else having issues with the IRS on the mortgage interest deduction for the motorhome as a second home? My motorhome is financed through Wells Fargo Bank. For the entire life of the loan they...
Forum Discussion
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.
