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
msmith1199 wrote:2bzy2c wrote:
First off, the document he needs is the 1098. The 1099-int is for interest income received by him. In this case the 1098 reports interest paid by him.
The lender is required to furnish a 1098 to the tax payer by law and report the interest received by the lender in this case.
All he has to do is call the lender and request a copy of the 1098. Easy.
So you mean Wells Fargo, one of the biggest and oldest banks in the Country, is breaking the law?
They dont have to send one if they dont want too.
The OP needs to sit down face to face with an IRS agent and show them how he determined the interest he reported. If Wells Fargo didnt send in one for the rv, and theres plenty of lenders that dont, then that is what the IRS is griping about. He's "over claiming" in their eyes, and he has to prove he's not.
