TTB organizer..Interest paid on boat & RV loan

[jimmcg]

Is that when the interest would qualify?

Yes..................

[S T]

Read Info In

Try TTB Chapter 4 and also Pub 936

http://www.irs.gov/publications/p936...link1000229900

for the specifics of what classifies the boat, rv, etc as a second home.

The interest deduction for this has been in effect for a while.

The deduction as Piglee stated deflintely has to go on the line 11 (not reported on Form 1098) of the Schedule A - otherwise a CP 2000 notice will be received. (Just had one)

Sandy

[PIGLEE]

I have even used it on a house boat. You can take the interest on two homes (and you can use the two with the most interest). It can be considered a home, if it has facilities, to eat, sleep and go potty. Of course do not put it on the same line with the 1098 mtg interest. I put it in on a separate line. This has been around for a long time.

[AZ-Tax]

If the RV or Boat (house boat) qualify for TP's residence

Has been for years if defintion of second home and other mortgage interest code requirements are met.

Is that when the interest would qualify?

[BOB W]

Unless I missed this in previous yr(s) is this new and is it a Federal itemized deduction if not where is it entered? Will the TP receive a form similar to a form 1098 from the lender?

In most cases you will not receive a 1098. I run an amortization schedule for these type of loans and save it to client's folder. Sometimes the client brings in a statement from the lender.

Interest deduction goes in the same area as other mortgages. I usually say RV interest or Boat interest and lenders name because there will be no IRS matching from the lender.

[jimmcg]

Unless I missed this in previous yr(s) is this new and is it a Federal itemized deduction if not where is it entered? Will the TP receive a form similar to a form 1098 from the lender?

Has been for years if defintion of second home and other mortgage interest code requirements are met.

[AZ-Tax]

Unless I missed this in previous yr(s) is this new and is it a Federal itemized deduction if not where is it entered? Will the TP receive a form similar to a form 1098 from the lender?