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Old 03-07-2011, 08:55 PM   #15
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Just got off the phone with the IRS and they said it is deductible as a second home. Just make sure you get your 1098 from the financial institution if it is over $600.

normandgrace,
If your interest was over the $600 your bank is required to submit a 1098 to you and supply it to the IRS.
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Old 03-07-2011, 09:04 PM   #16
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Sounds like it's time for a new accountant. I did this with our boat that we had for 4 years. All I did was ask the lender to send me an annual interest statement on the which stated what the loan was for. Got audited about 3 yrs in and was asked to provide dates we stayed on the boat. Showed them my day planner and never heard another word about it.

Galley area and toilet are key. Our boat had a slide out kitchen area and a porta potty in an area specially fitted for it. Been in a couple of other scrapes with the IRS regarding tax filings my employer made. turns out that my employer was in the right, but the language was ambiguous and someone thought there was money to be had.

IRS likes to bully people like any collections agent. keep your records and your head. the organized shall inherit the earth.

Alternatively you could pay cash and avoid all hassles.
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Old 03-07-2011, 09:14 PM   #17
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Originally Posted by normandgrace View Post
negative. i did this and the irs came back and wanted the back taxes owed. you can only deduct it if you tie the loan to your home mortgage according to the irs and my accountant. i had a simple interest loan that was not deductable. i have a 33' airstream land yacht motorhome and this equaled almost $6000 in taxes they wanted over a 3 year period. there was no way i would ever tie the loan to my home, so i paid the money. think twice about it. the irs has long reach and isn't afraid to come back for more. i was not audited. they just sent the letter saying the bank never filed the mortgage interst deduction and they wanted thier money NOW! it took them a few years to catch up, but they did.
It sounds like the problem you had is that your loan wasn't secured by the Land Yacht... maybe it was a signature loan? The loan doesn't have to be "tied to" your PRIMARY home, it must be on your second home, which is the Land Yacht. The IRS puts it this way:

"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."

You can view the IRS publication here.
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Old 03-07-2011, 09:14 PM   #18
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Yes! We deducted the interest on the loan for as long as we were paying for it...just like you'd deduct interest on a home loan. We did this is our first moho and then the AS... We did got an interest paid statement from the lender and our tax person included it in our deductions... It's legit.
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Old 03-07-2011, 09:48 PM   #19
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It sounds like the problem you had is that your loan wasn't secured by the Land Yacht... maybe it was a signature loan? The loan doesn't have to be "tied to" your PRIMARY home, it must be on your second home, which is the Land Yacht. The IRS puts it this way:
I like the way DKB says it. This is the reason we had the annual interest statement from the lender wrapped up in the annual tax documents.

That 16' bambi is way more roomy than our 23' sailboat. You can at least stand up in it!
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Old 03-08-2011, 08:30 AM   #20
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I misspoke earlier in regards to getting a 1098 from your lender. Since a 1098 is only issued on a mortgage you have to ask for a letter stating your interest paid from your lender.

The interest deduction is put on line 11 of the schedule A.

This is from bankrate - Deducting RV mortgage interest

"Interest paid on boat and RV loans is not required to be reported by the lender on Form 1098. Nevertheless, you can claim the deduction for interest paid on these loans so long as you otherwise meet the deduction standards."
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Old 03-08-2011, 09:26 AM   #21
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Sounds more and more completed with each additional post.
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Old 03-08-2011, 09:31 AM   #22
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So, can I deduct the cost of and all the expenses of renovating my 1960 AS if I live in it 2 weeks/year?
No, only the interest paid on a loan using the trailer as collateral.
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Old 03-08-2011, 11:10 PM   #23
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Sounds more and more completed with each additional post.
Actually, it's fairly straightforward and worth the effort....
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Old 03-19-2011, 08:29 PM   #24
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Just filed my return.

Bank and CPA said it was foolproof. Wrote off all of our interest. Love it.
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Old 11-28-2011, 07:34 AM   #25
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Look into deferring personal property taxes for a year on a new or used tow vehicle and on a new or used camper by taking delivery after Jan. 1. This saved me about $1,500 last year. Sales taxes in Missouri are due when the tow vehicle and camper are licensed but sales taxes are deductible to a certain extent, which offsets the sting somewhat. For prospective owners, don't let the thrill of ownership cause you to underestimate taxes due up-front and later. Taxes and storage costs add thousands of dollars to ownership costs.
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Old 11-28-2011, 07:52 AM   #26
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Just got off the phone with the IRS and they said it is deductible as a second home. Just make sure you get your 1098 from the financial institution if it is over $600.

normandgrace,
If your interest was over the $600 your bank is required to submit a 1098 to you and supply it to the IRS.
Exactly...must have a Form 1098 from your bank with your annual interest paid to avoid issues with IRS. Tom R

P.S. 2nd home interest deduction could be one of the "tax reform" items that congress may delete IF they ever get around to tax "reform" TMR
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Old 11-28-2011, 07:59 AM   #27
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The Interest on RVs has already started be be phased out -- either partially or completely depending on your income level. If you are subject to AMT, the interest on a RV is not deductible.
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Old 11-28-2011, 10:49 AM   #28
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I am not saying this is for everyone. However one way to keep the interest on an RV loan deductible is to finance it with a home equity loan. In our case, the interest rate was a lot lower also.

Ken

P.S. I am not a CPA or anything even resembling one.
(Unless it stands for Certified Public Annoyance)
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