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| Camping/RV's Discuss camping, RV equipment and locations. |
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RV tax deduction?
Does anyone know the details about filing your interest that you've paid? Do you have to consider it a second home or what? We've paid in about $3,000 in interest and it would be nice if we could get some back.????
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The IRS defines a home as "any house, condomininium, cooperative, mobile home, boat or similar property with basic living accommodations including sleeping, toilet, and cooking facilities." As long as you meet the above definition than you can deduct the interest on your trailer as mortgage interest on your second home. Keep in mind that you can only deduct mortgage interest on your primary and secondary residence (if you had a home, vacation home and a rv- only the vacation home or rv would qualify as a second home not both). Additionally you must itemize deductions to get any benefit from this.
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I hope this helps you and others, Tax deductibility of interest on RV / Motorhome loans Under IRC section 163 (h)(2) a taxpayer may deduct any qualified interest on a qualified residence, which is defined as a principal residence and one other residence owned by the taxpayer for the purpose of deductibility for the tax year. IRC section 163(h)(3) defines qualified residence interest as any interest which is paid or accrued during the tax year on acquisition or home equity indebtedness with respect to any qualified residence of the taxpayer. In accordance with IRC section 163(h)(4), an RV will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility in the tax year as long as it provides basic living accommodations such as sleeping space, a toilet, and cooking facilities. If the RV is chartered out, the taxpayer will have to use the RV for personal purposes for either more than 14 days or 10% of the number of days during the year the RV was actually rented, in accordance with IRC section 280A(d)(1). Form 1098 is not necessary in order to receive the qualified interest deduction. In accordance with IRS instructions for Schedule A, form 1040, if the taxpayer does not receive form 1098, deductible mortgage interest should be reported in line 11 instead of line 10 on Schedule A. |
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Turtle63, thanks for the information! Oh and welcome to the ORG!!! Glad you found us and were able to help us out.
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