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Old 03-13-2007, 04:43 PM   #15
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Interest on a rv-MUST say Mortgage--not simple interest as in a personal loan to be ductable
rich
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Old 03-13-2007, 08:36 PM   #16
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RV interest is deductible, but it will not say mortgage because mortgage refers to real estate.
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Old 03-14-2007, 04:38 AM   #17
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I believe the requirement is that the loan has to be secured by the RV and not a personal loan.

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Old 03-14-2007, 04:58 AM   #18
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Actually the interest isn't technically deductible on an RV. It is deductible on a second home. An RV has to be classified as a second home and then the interest on a loan secured by that RV is deductible.

To be classified as a second home, you must have proof that you resided in the RV for at least 2 consecutive weeks in the tax year.

We looked at having the RV in our business or in our personal name so we had our accountant do some research.

We easily meet the 2nd home standard so decided to have it in our name.
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Old 03-14-2007, 05:01 AM   #19
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Oh yeah, be very careful if a Montana LLC is used w/a loan. Technically the RV is owned by a business. Each individual will have to decide on how "aggressive" they want to be.
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