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
tyoungs wrote:
Same issue - same mistake, first time I claimed interest on RV I claimed it on the line for "mortgage interest" - letter from IRS said 1098's don't match. Sent them back reply that I had claimed on wrong line - should be on line that says interest with no 1098. Sent the explanation with copy of statement from bank showing interest was paid on RV, no problem. Now when I claim on correct line I mark it interest on RV.
I'm on my second RV and have been taking the deduction for quite a while now, and I don't recall ever putting them on a separate line. I remember totally up all my mortgage interest and putting it on one line. I think I just assumed the end of year statement served as a 1098 but I guess that was a bad assumption. In any event, 2011 was the first year they caught up to me. So I'll fix it for 2013, but I'm assuming I'll get the same letter when they catch up to 2012. Hopefully all the years before that they just let is slip by.
