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
I read it and am still confused by both you and the responses. a 1099 is used when you receive interest or misc income. a 1098 is used when you pay mortgage interest. Most banks only issue a 1098 when the loan is for real property. But you are still entitled to the deduction, if your loan meets the IRS requirements. The loan must be a "secured loan" for the specific "home" you're claiming as a 2nd home, not a general loan.
But since the IRS hasn't provided you a specific reason why they denied your deduction, your next step is to follow up with them to get the specifics. We can only guess.
As to whether others have had the same problem, a few do, most don't. I deducted my MH loan interest for 10 yrs with no 1098 and no problems. There is a specific line on the deduction form for mortgage interest with no 1098 issued.
But since the IRS hasn't provided you a specific reason why they denied your deduction, your next step is to follow up with them to get the specifics. We can only guess.
As to whether others have had the same problem, a few do, most don't. I deducted my MH loan interest for 10 yrs with no 1098 and no problems. There is a specific line on the deduction form for mortgage interest with no 1098 issued.
