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I believe the requirement is that the loan has to be secured by the RV and not a personal loan.
Ken
__________________ Amateur Radio Operator (KE5DFR)|No Longer Full-Time! - 2023 Cougar 22MLS toted by 2022 F150, 3.5L EcoBoost Tow Max FX4 Lariat Travel with one Standard Schnauzer and one small Timneh African Gray Parrot, retired mechanical engineer
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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Scott Crompton
Newmar TBD
Sue (DW):Celia 18, Alec 17, Isis (Abyssinian)
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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Scott Crompton
Newmar TBD
Sue (DW):Celia 18, Alec 17, Isis (Abyssinian)
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