RV interest deduction
So, when we had a travel trailer we would get from that lender a form about interest paid in the previous year. Like clockwork. When we purchased our motorhome last year, we ended up with the lend...
Forum Discussion
fairway2002 wrote:
FYI. Im not a tax guy. But was told in 2018 you can only deduct interest on one loan. Anyone heard anything on this?
Thanks
There is a limit now on being able to deduct interest on home equity loans. If the home equity loan was used for any purpose other than improving or repairing the home then the interest will not be deductible in 2018 and beyond. Those that used the home equity loans to finance the kids' college education or an RV will be out of luck.
The second home interest deduction is alive and well so you can take the interest on a mortgage on a primary home and also a second home which does includes any RV with a kitchen and bathroom facility. The only change on this area is the principal used to be capped at $1 million and now it's $750,000.
