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02-26-2018, 01:06 PM
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#1
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Member
Join Date: Jan 2017
Posts: 83
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Taxes
Its that time of year again
As a new Class C owner who has a RV loan I am in the need to know if I can claim the RV loan interest on my taxes as a second home. Do any of you do this? I live in Illinois if that makes a difference.
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02-26-2018, 01:15 PM
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#2
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Senior Member
Monaco Owners Club
Join Date: Aug 2017
Location: Orlando, Florida
Posts: 5,819
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Quote:
Originally Posted by Tacouser
Its that time of year again
As a new Class C owner who has a RV loan I am in the need to know if I can claim the RV loan interest on my taxes as a second home. Do any of you do this? I live in Illinois if that makes a difference.
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Yes you can - I'm in Florida (but I don't see why Illinois would be different as we are talking federal income taxes. I just finished my Taxes and it is still allowed to treat a Motorhome as a second home as long as it has a bathroom, kitchen and bedroom.
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02-26-2018, 01:16 PM
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#3
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Senior Member
Gulf Streamers Club
Join Date: Jan 2012
Location: Cincinnati
Posts: 19,925
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Here's something on the topic. Consult your tax preparer for an official answer.
__________________
Bob & Donna
'98 Gulf Stream Sun Voyager DP being pushed by a '00 Beetle TDI
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02-26-2018, 01:31 PM
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#4
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Member
Join Date: Jan 2017
Posts: 83
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I dont have a tax consultent
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02-26-2018, 01:33 PM
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#5
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Member
Join Date: Jan 2017
Posts: 83
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Thanks Country B
Do you have a RV loan, or is it considered a mortgage? Do you get a 1098 form from your lender?
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02-26-2018, 01:38 PM
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#6
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Senior Member
Monaco Owners Club
Join Date: Oct 2014
Location: Rigby, Idaho
Posts: 3,948
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Yes you can, thanks to the fact that our congressmen have two homes, one in DC area and one in their district. Two homes, not three, two. So if you actually have two homes and an RV, pick two.
__________________
Cheers,
TonyMac
2006 Monaco Safari Cheetah 40PMT
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02-26-2018, 01:42 PM
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#7
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Senior Member
Thor Owners Club Ford Super Duty Owner
Join Date: Jul 2015
Location: Orange, CA
Posts: 356
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Quote:
Originally Posted by Tacouser
Thanks Country B
Do you have a RV loan, or is it considered a mortgage? Do you get a 1098 form from your lender?
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Most will give you the interest amount, I don't remember if I received a 1098 of if it was just a statement.
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02-26-2018, 02:11 PM
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#8
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Senior Member
Tiffin Owners Club
Join Date: Jul 2016
Location: Where we park it!
Posts: 13,145
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As everyone else has said the answer is yes as long as it is your only second home. You are only allowed one second home and the RV will qualify for that
__________________
momdoc
2018 Tiffin Allegro RED 37PA
2020 JEEP Trailhawk
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02-26-2018, 02:25 PM
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#9
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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It is rare that RV lenders provide you with a 1098. Generally you will have to contact the lender to get the amount or they will provide it to you in a letter. The biggie on the RV loan interest is where you report it. It goes on Line 11 on Schedule A showing to whom you paid the interest and the amount. Also show it as RV Loan. You may get a letter from the IRS which can be resolved quickly with a response. There is a limit on residential debt of $1,000,000 which is not an issue for most of us.
If you bought this year see if your sales tax exceeds your state income tax. For most this will be the last year for that deduction. Also, if you added solar or bought a unit with solar on it, don't forget to take the solar energy credit. That can save you some dollars.
For anyone with a towable, there was an erroneous report that towable interest would not be deductible in 2018. That report was in error. Nothing changed for the owners of a towable.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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02-26-2018, 07:02 PM
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#10
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Senior Member
Join Date: Oct 2017
Posts: 326
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Taxes
Form 1098 is MORTGAGE interest. A MORTGAGE is a very narrowly-defined loan. The loan you get for an RV, camper, boat, etc are not mortgages. Thus, no 1098.
All you do is ask/get a yearly statement which has interest paid.
The IRS deduction is for interest paid on your 2nd “home”, it doesn’t have to be (and won’t be) a mortgage (unless it is an actual home and not an RV, etc.).
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03-07-2018, 08:56 PM
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#11
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Junior Member
Join Date: Nov 2012
Posts: 28
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Quote:
Originally Posted by 325BH
Form 1098 is MORTGAGE interest. A MORTGAGE is a very narrowly-defined loan. The loan you get for an RV, camper, boat, etc are not mortgages. Thus, no 1098.
All you do is ask/get a yearly statement which has interest paid.
The IRS deduction is for interest paid on your 2nd “home”, it doesn’t have to be (and won’t be) a mortgage (unless it is an actual home and not an RV, etc.).
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This year, for 2017 you can deduct the interest but b
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03-07-2018, 08:57 PM
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#12
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Junior Member
Join Date: Nov 2012
Posts: 28
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But because of trumps new tax plan won’t be able to after 2017
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03-07-2018, 09:07 PM
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#13
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Senior Member
Winnebago Owners Club Workhorse Chassis Owner
Join Date: Aug 2007
Location: Sonoma County, CA
Posts: 6,401
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Quote:
Originally Posted by SmootZero
But because of trumps new tax plan won’t be able to after 2017
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Are you sure? My CPA says no change to the deduction for 2nd home in the new tax bill.
__________________
Wayne & Roberta
08 Winnebago Destination 39W Gas UFO Workhorse Chassis......It's really weird being the same age as old people. I thought getting old would take much longer.
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03-07-2018, 09:27 PM
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#14
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Senior Member
Join Date: Oct 2017
Posts: 326
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Quote:
Originally Posted by SmootZero
This year, for 2017 you can deduct the interest but b
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I did not say you could not deduct it. I was simply saying a 1098 will not be mailed. You have to get the interest paid from your lender.
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