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
WOW, what an interesting read of wrong information. First off a bank does not issue a 1098 for an RV Loan. In fact, they are required to NOT issue a 1098 on what is a vehicle loan. It is not up to the bank to determine if your RV qualifies as a second home by having kitchen and bathroom facilities. Therefore there will NOT be any 1098 issued for an RV Loan.
The OP's goof was reporting his RV interest on the home mortgage interest line rather than the other interest line of Schedule A with the notation RV Loan. The home mortgage line can not be more than the total of the 1098's received by the IRS or you will hear from them.
What to do now? Call Monday morning early. The earlier you call, the less time you will spend on hold. Be patient and explain your situation and the odds are very good that your problem will be resolved. If you used a qualified tax preparer, you could also have them contact the IRS if they are listed as a third party designee on your return. You shouldn't owe the IRS anything, but you will have some hoops to jump through.
The OP's goof was reporting his RV interest on the home mortgage interest line rather than the other interest line of Schedule A with the notation RV Loan. The home mortgage line can not be more than the total of the 1098's received by the IRS or you will hear from them.
What to do now? Call Monday morning early. The earlier you call, the less time you will spend on hold. Be patient and explain your situation and the odds are very good that your problem will be resolved. If you used a qualified tax preparer, you could also have them contact the IRS if they are listed as a third party designee on your return. You shouldn't owe the IRS anything, but you will have some hoops to jump through.
