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Interest Deductibility for RV Loans

Yahoo Message Number: 22114
For full-time RVers, is the total interest paid on an RV loan for 2005 deductible as an itemized deduction on Schedule A (Form 1040)in the same manner as mortgage interest on a house?

Thanks.

Gary Collins

'05 Inspire 51491

Re: Interest Deductibility for RV Loans

Reply #1 –
Yahoo Message Number: 22116
Gary, it's my understanding interest on a RV loan is deductible regardless of wether or not it is lived in full time. I believe it falls under ther second home clause.

Walt Rothermel

03Allure30811 (for sale )

Re: Interest Deductibility for RV Loans

Reply #2 –
Yahoo Message Number: 22121
Hi Gary,

To answer your question - it goes on Sch A just like your home mortgage.

Fred Kovol
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Quote
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For full-time RVers, is the total interest paid on an RV loan for

2005
 

Re: Interest Deductibility for RV Loans

Reply #3 –
Yahoo Message Number: 22138
I have also deducted the interest on the coach and before that my boat. I believe to be a second home it must have a head (toilet), galley and the owner must live on it two weeks a year. . .doesn't have to be consecutive days. Hopefully everyone owning a counry coach meets this last qualification too!!

Check the IRS website for details.

LacamasTraveler
'98 Intrigue

Quote from: kaena65_80
For full-time RVers, is the total interest paid on an RV loan for

2005