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Old 02-19-2014, 07:10 PM   #1
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Home Mortgage Interest

I had to search a little for this and didn't see a recent thread so I thought I would post this up for those of us who weren't sure.

Quote:
Qualified Home

For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

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 considered personal interest and is not deductible.

Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time.
Second home. A second home is a home that you choose to treat as your second home.
It is from IRS Publication 936 (2013)
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Old 02-19-2014, 07:20 PM   #2
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yes, interest on home loan and 2nd home (motorhome) is tax deductible. but in most cases the bank (motorhome) will not report the interest paid to the IRS so they may question from time to time. Just have to provide proof when they ask.
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Old 02-19-2014, 07:27 PM   #3
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Interest on your Rv is deductible if it meets the IRS requirements. You will not normally be provided a form 1098 for mortgage interest by your lender but the IRS pub specifically allows the deduction.
Good discussion here. RV Loan Interest Tax Deductible?
See my post #14 "For my S&B home mortgage, the bank provided a form 1098 with all the interest details. My motorhome was financed through a credit union, which did not provide the form 1098 because it considered it a vehicle loan, not a mortgage. The interest was deductible and IRS rules allow for this and specifically discuss how to enter mortgage interest for your second home when a form 1098 is not provided...
IRS pub 936 applies.( Publication 936 (2013), Home Mortgage Interest Deduction )

The post #16 in that Irv2 link above, by Melmoses goes into a lot more detail...
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Old 02-19-2014, 09:27 PM   #4
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The catch_, this is only available when you have met the itemized deduction minimum that exceeds the standard deduction for your specific circumstances-ie, you must itemize your return. Usually this requires large out-of-pocket medical expenses.
That's my thoughts on the matter_not to be taken as fact.
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Old 02-20-2014, 08:58 AM   #5
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Quote:
Originally Posted by Ray,IN View Post
The catch_, this is only available when you have met the itemized deduction minimum that exceeds the standard deduction for your specific circumstances-ie, you must itemize your return. Usually this requires large out-of-pocket medical expenses.
That's my thoughts on the matter_not to be taken as fact.
Generally, a decent-sized mortgage will easily put you in itemizing territory! I know it did for me the last 40 years or so, when my medical expenses almost never exceeded the 7.5% (now 10%) threshold.

Shocked to see that this year, for the first time, we won't be itemizing anymore. Sold the "big house" to move into our retirement/downsize house, and no longer have a mortgage. I still can't believe it ...
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Old 02-20-2014, 10:38 AM   #6
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Quote:
Originally Posted by Ray,IN View Post
The catch_, this is only available when you have met the itemized deduction minimum that exceeds the standard deduction for your specific circumstances-ie, you must itemize your return. Usually this requires large out-of-pocket medical expenses.
That's my thoughts on the matter_not to be taken as fact.
Other items that may put you over the itemized threshold are taxes, including real estate taxes and income or sales taxes (the sales tax deduction is gone in 2014), contributions, and miscellaneous deductions which may include gambling losses to the extent of winnings. As you pass age 65 the standard deduction goes up so itemizing is not always there for many of the senior set.
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Old 02-21-2014, 09:25 PM   #7
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Quote:
Originally Posted by Hooligan View Post
Interest on your Rv is deductible if it meets the IRS requirements. You will not normally be provided a form 1098 for mortgage interest by your lender but the IRS pub specifically allows the deduction.
Good discussion here. RV Loan Interest Tax Deductible?
See my post #14 "For my S&B home mortgage, the bank provided a form 1098 with all the interest details. My motorhome was financed through a credit union, which did not provide the form 1098 because it considered it a vehicle loan, not a mortgage. The interest was deductible and IRS rules allow for this and specifically discuss how to enter mortgage interest for your second home when a form 1098 is not provided...
IRS pub 936 applies.( Publication 936 (2013), Home Mortgage Interest Deduction )

The post #16 in that Irv2 link above, by Melmoses goes into a lot more detail...
I was on the phone earlier this week with my bank to request a 1098 for the interest paid on my mh loan last year, which I was told I would receive in a few days. Today, I received a letter from the bank with the account number, interest paid last year, and my social security number. My accountant told me I needed a 1098 to deduct the interest. So I called the bank again today. After being on hold for nearly a half hour, I was told the bank would not provide a 1098 because it is considered a motor vehicle and not a home. I got off the phone thinking this was wrong, but after reading this thread feel much better and have something to go back to my accountant with. Thanks!
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Old 02-21-2014, 10:28 PM   #8
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Quote:
Originally Posted by StevieG View Post
I was on the phone earlier this week with my bank to request a 1098 for the interest paid on my mh loan last year, which I was told I would receive in a few days. Today, I received a letter from the bank with the account number, interest paid last year, and my social security number. My accountant told me I needed a 1098 to deduct the interest. So I called the bank again today. After being on hold for nearly a half hour, I was told the bank would not provide a 1098 because it is considered a motor vehicle and not a home. I got off the phone thinking this was wrong, but after reading this thread feel much better and have something to go back to my accountant with. Thanks!
Yep, you need a new accountant, not a new bank.
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Old 02-22-2014, 07:55 AM   #9
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A bank is not supposed to provide a 1098 for interest on a motorhome or other RV. That form is only for real property. Bob is right, you need a new accountant and soon.
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