RV Loan Interest Deduction yes or no?
Hello all, I did some research and even read the actual text of the new tax law. Maybe I missed it but I have been unable to find a concise answer....So....Does anyone know if: 1. IS Second hom...
Forum Discussion
There is no answer yet re the new tax law. The bill must actually be signed and the IRS will have to write implementation regulations. A process that will take at least 6 months.
In the past, and for tax year 2017, the IRS has considered interest on an RV loan qualifies as a home interest deduction for full timers, and a vacation home interest deduction for non-full timers as long as the other requirements are met.
It can be very difficult to impossible to get the form from the lender for your tax return, so be sure that you have the correct amount when you file.
Unless specifically mentioned in the new law, I would not expect the deduction of proper RV interest to change.
Be aware that the standard deduction will change significantly and one goal of the new law is to eliminate as many as 70%+ of current itemized deduction filers, moving them to the standard deduction.
In the past, and for tax year 2017, the IRS has considered interest on an RV loan qualifies as a home interest deduction for full timers, and a vacation home interest deduction for non-full timers as long as the other requirements are met.
It can be very difficult to impossible to get the form from the lender for your tax return, so be sure that you have the correct amount when you file.
Unless specifically mentioned in the new law, I would not expect the deduction of proper RV interest to change.
Be aware that the standard deduction will change significantly and one goal of the new law is to eliminate as many as 70%+ of current itemized deduction filers, moving them to the standard deduction.
