Community Forums

Mikeeg · 08-15-2007, 10:57 AM

I have talked with my acc. about deducting the interest on my RV loan and he is looking for the Fed. Tax code on this just wondering if anyone out in RV land has it of the top of there head.
Thanking in advance!!

Mikeeg · 08-15-2007, 10:57 AM

I have talked with my acc. about deducting the interest on my RV loan and he is looking for the Fed. Tax code on this just wondering if anyone out in RV land has it of the top of there head.
Thanking in advance!!

Scratch & Goose · 08-15-2007, 11:07 AM

hello;
Which form, not sure, but it's called a second home deduction.
Scratch

**Petro** · 08-15-2007, 11:22 AM

Scratch & Goose is correct. My accountant says that the motor home qualifies as a second home. There are certain requirements that have to be met and the IRS Code spells that out.

Don

Rick A · 08-15-2007, 11:41 AM

Tell him to look at IRS publication 936. " 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."

LHyzer · 08-15-2007, 04:44 PM

RickA is right on target. Your accountant should be able to take it from there.

mamaloya · 08-16-2007, 05:06 AM

So, since we live in military housing and have no home mortgage, does our camper qualify as our main home loan? Or does it matter whether it is a first or second home loan?

Rick A · 08-16-2007, 08:42 AM

I am only a lowley Corp accountant and not a tax accountant, so you may want to verify with your tax accountant, but my interpretation is if your RV qualifies as a home, then the interest is tax deductible. You can deduct interest for your primary home, and ONE second home. So in your case, there is no interest on your primary home, but there is on the second home, so you can deduct the interest on the second home. But remember, you must itemize to deduct motgage interest, and if your itemized deductions are less than the standard deduction for your filing status, then use the standard deduction and don't worry about mortgage interest.

Mikeeg · 08-16-2007, 12:48 PM

I would like to thank all who have responed. The tax code 936 seems to be it.

Ken Roberts · 08-16-2007, 02:59 PM

Mikeeg, no reflection on you; but, I would think that living in Central NJ your accountant must have other clients with a second home and if he/she does not know where to find the interest deduction, I think I would be looking for a new accountant. Ken, '04 DSDP...

bldrbob · 08-17-2007, 07:19 AM

When I first read your posting I thought the same thing as Ken.
Bob

Mikeeg · 08-17-2007, 08:54 AM

I had filled Ken in on the cousin thing who is doing less and less accounting work in retirement, he was 40 yrs in corp.law. That is why I did the foot work for him.

hamdave · 08-17-2007, 10:02 AM

Unless you 'itemize' AND the itemization is greater than the 'standard' deduction. If not, then you will/should use the standard deduction and then CANNOT deduct the interest.What my accountant says.