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Old 03-19-2013, 07:42 AM   #29
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Ed - thanks for sharing as you do. I have personally never seen or heard of RV loan interest reported by a lender on a 10xx of any kind. That alone is enough to tell me not to enter it as such - either by inflating actual reported mortgage interest or by entering it as anything other than "Other Interest" as you describe. The IRS receives 10xx Interest notices as you do and if you don't have the form they don't either. Red Flag. Years ago when I had an RV and home loan and itemized - I did as you indicate and never had a issue. As for the title of the thread - Depreciation - if only! That would certainly provide a boost to new RV sales. Have a nice day and thanks again for sharing. Especially appreciate your demeanor so early in the morning.
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Old 03-19-2013, 07:54 AM   #30
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Now if I could just figure out a way to get the government to buy me a new Entegra....
I think a travelling Taxes and RVing presentation at all of the warm winter cg's you travel too would help the cause. Just saying.
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Old 03-19-2013, 08:35 AM   #31
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Sorry Flying Driver, but you didn't read the publication correctly. Non-1098 interest is reported on line 11 as other interest. From experience I can tell you that if you put any non-1098 interest on the home mortgage line you will receive a notice from the IRS. Personally, I and my clients prefer not to receive notices from the IRS.
There is no "Other Interest" line. Line 11 is "Home mortgage interest not reported to you on Form 1098." Yes, that's where it goes if you didn't get a 1098. Your previous post implied it got reported as non-mortgage interest (other interest), and that it was only available in certain recent years due to tax law changes. Which was not correct.

And the board handle is FlyingDiver, not Driver. Thanks.
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Old 03-19-2013, 08:45 AM   #32
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There is no "Other Interest" line. Line 11 is "Home mortgage interest not reported to you on Form 1098." Yes, that's where it goes if you didn't get a 1098. Your previous post implied it got reported as non-mortgage interest (other interest), and that it was only available in certain recent years due to tax law changes. Which was not correct.

And the board handle is FlyingDiver, not Driver. Thanks.
Sorry about the name goof Flying Diver. That's what happens when I post with little sleep in the middle of tax season. Thanks for clarifying. We are both on the same page and you are correct that the second home interest deduction has been available for years and years now. Sadly that is one of the items mentioned that may be targeted as part of the "tax reform" that may be coming. If you're not familiar with the term "tax reform", that is Washingtonese for tax increase but you'll feel better because you'll think someone else is footing the bill.
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Old 03-19-2013, 08:47 AM   #33
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I think a travelling Taxes and RVing presentation at all of the warm winter cg's you travel too would help the cause. Just saying.

Great idea JohnT!! I'll have to work on that one. The only problem is that my job has always been to help people legally pay LESS taxes and I don't think the fine folks at the IRS would want me helping to reduce the tax burden of RVers.
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Old 03-19-2013, 08:51 AM   #34
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For some of us, it's not a "second home interest deduction". It's the only one.
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Old 03-19-2013, 11:39 AM   #35
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For some of us, it's not a "second home interest deduction". It's the only one.
I thought of that after I posted the same. Sorry about that FlyingDiver!

As for losing the second home interest deduction... I know this is a little off thread... but if that happens... the second home market (vacation homes, RVs & boats) are all going to go in a tail spin. Depreciating asset will have a whole new meaning! I know a lot of guys pay for their toys and second homes with cash (great if you can do it!), but there are just as many that pay with Uncle Sam's help... I am hoping this will be one deduction that will ultimately be considered "too sacred" to mess with...
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Old 03-19-2013, 11:42 AM   #36
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I thought of that after I posted the same. Sorry about that FlyingDiver!

As for losing the second home interest deduction... I know this is a little off thread... but if that happens... the second home market (vacation homes, RVs & boats) are all going to go in a tail spin. Depreciating asset will have a whole new meaning! I know a lot of guys pay for their toys and second homes with cash (great if you can do it!), but there are just as many that pay with Uncle Sam's help... I am hoping this will be one deduction that will ultimately be considered "too sacred" to mess with...

I hope you are right because it would be a disaster to the RV industry. Most of us don't have the financial resources to just plunk down x amount of dollars for a toy that eats money on its own.
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Old 03-19-2013, 11:45 AM   #37
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I hope you are right because it would be a disaster to the RV industry. Most of us don't have the financial resources to just plunk down x amount of dollars for a toy that eats money on its own.
Agreed!
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