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Old 11-13-2014, 08:11 PM   #15
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I wish they would require the banks to produce interest statements on RV loans when requested by the borrower. It would save hassle in the end.
Our lender does even without requesting it.
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Old 11-13-2014, 08:50 PM   #16
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while you can deduct the interest like mortgage interest it is not mortgage interest on your return. If you put it in as home mortgage interest you will not have the corresponding tax doc for home interest like you would from the bank from your home. No closing costs are needed
Not quite accurate. There's a separate line on the Schedule A for mortgage interest for loans that do not provide the 1098 (I think) form. It's in the mortgage interest section, just a different line.
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Old 11-13-2014, 08:58 PM   #17
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Thanks everyone for great information.
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Old 11-13-2014, 10:44 PM   #18
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My tax CPA says I must have enough deductions to file "long form" in order to claim mortgage interest. That usually means a LOT of health expenses, who knows perhaps in 2015 I'll meet that requirement.
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Old 11-13-2014, 10:59 PM   #19
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My tax CPA says I must have enough deductions to file "long form" in order to claim mortgage interest. That usually means a LOT of health expenses, who knows perhaps in 2015 I'll meet that requirement.
True, you do have to file long form and have enough deductions to use it. So far the stick house and MH do the trick. Which is lucky because the DW's health insurance has picked up the $300,000 or so medical costs over the last three years!
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Old 11-14-2014, 12:07 AM   #20
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Mr D......Sending you a form is fine, but really of no value until you need to defend yourself. An IRS computer is checking your tax return numbers against the electronic statements the IRS received. Since there is no such IRS statement, like a 1099, 1098 etc, the IRS has no idea that you paid interest on a motor home.

I could submit my loan documents and statements if I wanted, but until someone manually looks at my return, they'll never know. Just because they have never questioned your deduction, just means you haven't been chosen for a review. My tax returns are always at a minimum risk for review....just like of the draw.
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Old 11-14-2014, 12:39 AM   #21
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Actually it is an IRS statement and is furnished to the gov't by the bank as well as sending us a copy.
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Old 11-14-2014, 10:16 AM   #22
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Actually it is an IRS statement and is furnished to the gov't by the bank as well as sending us a copy.

Interesting, I wonder on what form number. A 1098 is for real property mortgage interest so I'm curious as to what IRS form you're receiving.
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Old 11-14-2014, 10:18 AM   #23
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Bank of America provided a letter/statement with the previous year's interest payment on the website which I could download. Nothing with an IRS form number on it.
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Old 11-14-2014, 10:46 AM   #24
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Originally Posted by CoreyinWP View Post
while you can deduct the interest like mortgage interest it is not mortgage interest on your return. If you put it in as home mortgage interest you will not have the corresponding tax doc for home interest like you would from the bank from your home. No closing costs are needed
Many banks/lending institutions will provide the annual interest statement in a letter (for your records) similar to a 1098. Just need to ask for it. JM2...
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Old 11-14-2014, 10:58 AM   #25
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By law a 1098 is only provided for real property mortgages. Even though an RV qualifies as a second home it is not real property so there won't be a 1098.

Corey is correct that the interest is reported on Schedule A on line 11. It is helpful to put the name of the financial institution and note it as RV or motorhome interest. That line may be different on the 2014 forms as we don't know for sure what the forms will look like with a lot of the changes that are pending and some changes that are set.
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Old 11-14-2014, 11:32 AM   #26
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Also, be careful if you qualify for AMT. I believe that the interest for a RV loan is NOT deductible in the AMT calculation.
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Old 11-14-2014, 06:56 PM   #27
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RV Loan Interest as Second Home Deduction

I've never deducted it yet. Is it worth the audit risk and potential need for legal representation to defend your position? Seems several here say yes without concerns and that's great. Hmm... Nothing like living on the edge - that's what RVing is all about.
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Old 11-14-2014, 07:09 PM   #28
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when i got my boat ,i asked my tax advisor about it ,she said if you can cook in it ,sleep in it ,and poop in it ,its a vacation or second house and yes you can deduct it
lets be clear, when i asked my accountint when i got the boat she said listen to me ,this is a yes or no answer,if can you poop on it,cook in it ,and sleep in it ,then we can take it as a vacation home ,it meets the IRS definition of a vacation house ,did it till i got rid of the boat after 12yrs
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