What is really deductible?

[tomthyme]

I've seen a few posts that say the interest on an rv loan is deductible like a home mortgage. Is this true? I'll double-check with our accountant as she may already have us covered, but I am curious as to your experiences. Is the RV a primary or secondary residence? For us it is secondary.
Thanks for the info!
Tom

[jalichty]

You won't get a 1099 anyway, but you also will not get a form 1098, which is the form the lenders send to mortgage payers. The 1099 if for interest and dividends that are paid to you.

[tomthyme]

Great news folks! thanks for the info!

[ReneeG]

txdutt wrote:
You probably won't get a 1099 for the interest on an RV loan-you'll have to calculate it yourself & put it in as a separate deduction--not a big deal-just a little legwork needed

You are correct in not receiving a 1099. We used to, but not anymore, but you can easily contact the financial institution for this information.

[Kittykath]

tjfogelberg wrote:
For those who itemize (roughly 1/3 of taxpayers), it is a commonly forgotten deduction. Most RV lenders do not send out a tax statement at the end of the year so it gets forgotten. You can go back 3 years and amend if necessary if it was missed and you utilized Schedule A (Itemized Deductions).

Did this to the tune of an additional $1,036 back in my pocket!

[txdutt]

You probably won't get a 1099 for the interest on an RV loan-you'll have to calculate it yourself & put it in as a separate deduction--not a big deal-just a little legwork needed

[GoPackGo]

GoPackGo wrote:
Pulsar obviously has it right as it's the quote out of the IRS Pub. I have used the second home deduction for many years for deducting camper or boat interest.

Please note that it simply states "sleeping, cooking, and toilet facilities". You only need some form of permanent sleeping facility, a permanent built-in toilet (or a head in the case of a boat), and something to cook with. My SeaRay had a single alcohol burner (built in) to satisfy the 'cooking' requirement, a small head, and a v-berth for sleeping but that's all it took.

My point is that you do not need a full blown kitchen with stove and oven, huge bathroom or a king sized bed in your RV to make the interest on it 'second home deductible'. Many/most/all folks with smaller campers, including some pop-ups, will qualify.


Tim

[GoPackGo]

Pulsar obviously has it right as it's the quote out of the IRS Pub. I have used the second home deduction for many years for deducting camper or boat interest.

Please note that it simply states "sleeping, cooking, and toilet facilities". You only need some form of permanent sleeping facility, a permanent built-in toilet (or a head in the case of a boat), and something to cook with. My SeaRay had a single alcohol burner (built in) to satisfy the 'cooking' requirement, a small head, and a v-berth for sleeping but that's all it took.

My point is that you do not need a full blown kitchen with stove and oven, huge bathroom or a king sized bed in your RV to make the interest on it 'second home deductible'. Many/most/all folks with smaller campers, including some pop-ups, will qualify.


Tim

[Aridon]

Assuming you pay more than the standard deduction in interest plus other deductions, which is over 12k, then yes.

[ReneeG]

Yes, we too deduct on our taxes for our fifth wheel, as our accountant says is fully self contained and is counted as a vacation home. If we had an RV and a sticks and brick vacation home, only the interest on one can be counted in addition to our primary residence.

[tjfogelberg]

For those who itemize (roughly 1/3 of taxpayers), it is a commonly forgotten deduction. Most RV lenders do not send out a tax statement at the end of the year so it gets forgotten. You can go back 3 years and amend if necessary if it was missed and you utilized Schedule A (Itemized Deductions).

[kennethwooster]

Yep, take all you can get!! Legally.

[pulsar]

See IRS Publication 936

For you to take a home mortgage interest deduction, your debt must be secured by a quali- fied home. This means your main home or your second home. A home includes a house, con- dominium, cooperative, mobile home, house trailer, boat, or similar property that has sleep- ing, cooking, and toilet facilities.

Tom

[jf831024]

Yes, yes, yes, YES!!!
🙂

[kakampers]

Yes...you can deduct loan interest as a first or second home, as long as it has full sleeping, kitchen and bath facilities. Did it for many years as our second home...now that it's our first home we actually take standard deduction as it works out better for us. Don't have enough deductions anymore...