RV Loan Interest Deduction yes or no?

pasusan wrote:
Don't know why nobody has read the actual wording of the bill. Here it is:

"The conference agreement provides that, in the case of taxable years beginning after
December 31, 2017, and beginning before January 1, 2026, a taxpayer may treat no more than
$750,000 as acquisition indebtedness ($375,000 in the case of married taxpayers filing
separately). In the case of acquisition indebtedness incurred before December 15, 2017162 this
limitation is $1,000,000 ($500,000 in the case of married taxpayers filing separately).163 For
taxable years beginning after December 31, 2025, a taxpayer may treat up to $1,000,000
($500,000 in the case of married taxpayers filing separately) of indebtedness as acquisition
indebtedness, regardless of when the indebtedness was incurred.

Additionally, the conference agreement suspends the deduction for interest on home
equity indebtedness. Thus, for taxable years beginning after December 31, 2017, a taxpayer may
not claim a deduction for interest on home equity indebtedness. The suspension ends for taxable
years beginning after December 31, 2025.

Effective date.?The provision is effective for taxable years beginning after December 31,
2017."

These are the changes from what we have now. True - The House of Representatives' version did get rid of the second home interest deduction, but not the Senate's version. And the final bill is what was agreed between them - what is stipulated above.

(Yes, I've read the entire 1097 page bill... Just kidding!)

Man, it's clear as mud.

Reality is there will be interpretations from the IRS that really set the rules and even those will get judicial review when people disagree. The law (pretty much most not just this particular one) do not provide for every detail and possibility, so they get interpreted.