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-   -   Interest Deduction (https://www.jaycoowners.com/forums/f26/interest-deduction-39258.html)

TimHolt 08-23-2016 07:59 AM

Interest Deduction
 
Can you deduct the interest on your RV like you can the mortgage interest on your home?

bansai 08-23-2016 08:01 AM

You can where I live. It probably depends on your unique situation though... i.e. how much you make, etc.. like all things in the tax code.

mike837go 08-23-2016 08:40 AM

It is my understanding that the U.S. Federal tax code allows interest deduction only on your primary residence.


If your financed Jayco is your primary residence, then you've got a shot at it.


If there is any doubt, consult a paid tax advisor. Their job hinges on their advice. Anybody else is just guessing.

Bobs A Class 08-23-2016 08:40 AM

My tax expert, the DW, says it is a Federal deduction.

Bob

J.Lockhart 08-23-2016 08:45 AM

Just be careful in that the RV interest deduction is viable using the "second home" deduction. However, if you are already using the second home deduction on a vacation/weekend property... you cannot deduct the interest from your RV.

Consult your local tax authority.


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maromeo 08-23-2016 08:51 AM

Yes it is. I don't get a 1098 from my bank on the TT so I call them every year to make sure our numbers match. Keep that in mind also.

From the IRS publications:
For you to take a home mortgage interest de- duction, your debt must be secured by a quali- fied home. This means your main home or your second home. A home includes a house, con- dominium, cooperative, mobile home, house trailer, boat, or
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is consid- ered personal interest and is not deductible.

Hope it helps.

RollingDownTheHighway 08-23-2016 08:51 AM

yes, it's considered a "second home", my accountant deducts it every year we had the TT

Camping Couple 08-23-2016 08:54 AM

It is a federal deduction. It goes in the same catagory as your mortgage interest deductions. You don't need a form 1098 like you get for your home interest deduction. Just list the financial institution where your loan is from and the total interest paid for that tax year.

DocBrown 08-23-2016 09:12 AM

Yep, it's deductible. As said above it's viewed as a second home. And it must be self contained. Pop-ups and tear drop trailers for example are not self contained.

Rustysocket 08-23-2016 09:22 AM

Quote:

Originally Posted by TimHolt (Post 441219)
Can you deduct the interest on your RV like you can the mortgage interest on your home?

In some cases you can, but there are some stipulations.

Don't take your financial or insurance advice from people on the internet.

Talk to a professional.


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