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...
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msmith1199 wrote:
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 have never sent me a 1098 for the Interest. I just get an end of year statement with the total interest paid, and I take the deduction. A couple of months ago I got a letter from the IRS with a bill and an explanation that the 1098's that were reported to them for mortgage interest do not match the amount I reported. They said to send in a written explanation if I didn't agree.
So I prepared the written explanation and attached a copy of my end of year statement and sent it all in. Well today I get the same letter saying based on my response I still owe them $1100. They say the documents I sent don't support the deduction.
Anybody else have this problem? Does your lender send you a 1098 for mortgage interest on the motorhome?
On Edit: I should have said form 1098 and not 1099 so I changed them.
our lender never issued us a 1098 either...in fact they flat out refused. so I asked them for a principal/interest statement...an amortization schedule. I just added up the interest portions for the 12-monthly payments and used that figure for tax purposes. doing that will match the reported interest from your lender.
on schedule A there are two lines pertaining to mortgage interest deduction. on the 2012 sked A they were lines 11 and 12. use line 11 only if you receive an actual 1098 otherwise use line 12 and be sure to follow the instructions for line 12.
