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
Your lender can NOT issue a 1098 for RV loan interest. Those forms are for real property only. To require a bank to issue the form would require them to in essence certify that the RV qualifies as a second home which is far beyond the banks responsibility. Most, if not all, banks will not go out on that limb.
As to dealing with the IRS, it has become a much more difficult situation over the last several years. They have hired a lot of new agents who are not particularly well trained and many of them carry a chip on their shoulders that they will "get" the dirty taxpayers of the world. As such we find that we are taking many more cases to Appeals. Weighing the cost of taking an unreasonable audit to Appeals as opposed to just paying the tax becomes a matter of principle for many, but many times it isn't worth trying to make a point to an auditor who is not evaluated on cases going to Appeals and having Appeals overturn their audit. Frankly, there is no accountability for auditors and their supervisors.
I'd be curious as to how the OP is making out with his problem.
As to dealing with the IRS, it has become a much more difficult situation over the last several years. They have hired a lot of new agents who are not particularly well trained and many of them carry a chip on their shoulders that they will "get" the dirty taxpayers of the world. As such we find that we are taking many more cases to Appeals. Weighing the cost of taking an unreasonable audit to Appeals as opposed to just paying the tax becomes a matter of principle for many, but many times it isn't worth trying to make a point to an auditor who is not evaluated on cases going to Appeals and having Appeals overturn their audit. Frankly, there is no accountability for auditors and their supervisors.
I'd be curious as to how the OP is making out with his problem.
