westernrvparkowner
montana
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2nd mortgage and the mortgage on a 2nd home are different items. A second mortgage is defined as a mortgage that is secured by the property but is behind the first mortgage when it comes to securitization, i.e in a foreclosure, the first mortgage gets paid first, then the 2nd mortgage, then the 3rd etc. You are not allowed to deduct the interest on more than one 2nd home, but you could have multiple mortgages on both your first and 2nd home and all the interest on all those mortgages would be deductable. What would not be deductible would be interest on a 3rd home, a situation that would arise if you had a primary home, a vacation home and a qualifying RV or boat.
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wbwood
Troutman, NC
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I use turbotax and it asks you about if you received a 1098 on it..
Brian
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tatest
Oklahoma Green Country
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I doubt that you entered it as a second mortgage. You probably entered it as a mortgage on a second home.
There is no Federal Income Tax deduction allowed for interest on a RV loan. The deduction allowed is for mortgage interest paid on a second home. To get the deduction you are declaring the RV to be your second home. That's why the tax program has to handle it as a home mortgage.
The primary mortgage on a second home is not the same thing as a second mortgage.
* This post was
edited 02/02/12 11:14pm by tatest *
Tom Test
Itasca Spirit 29B
2001 Ranger Edge
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tatest
Oklahoma Green Country
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wbwood wrote:I use turbotax and it asks you about if you received a 1098 on it..
The program has to ask you that because the IRS wants to know, for each mortgage interest deduction you claim, whether or not they should be looking to match your deduction with a 1098 sent to them by the lender. It is a check box on the form, they need to know whether or not to put the X in the box.
In the absence of a 1098, you usually provide a brief description, and the IRS will decide whether or not to come looking for supporting documentation.
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Buick_Fan
Indiana
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tatest wrote:I doubt that you entered it as a second mortgage. You probably entered it as a mortgage on a second home.
There is no Federal Income Tax deduction allowed for interest on a RV loan. The deduction allowed is for mortgage interest paid on a second home. To get the deduction you are declaring the RV to be your second home. That's why the tax program has to handle it as a home mortgage.
The primary mortgage on a second home is not the same thing as a second mortgage.
You are corect, I basically had to tell it we had a second home. Point being is the software does not appear to allow provisions for rv owners. I was just looking for where the $$$ paid on interest should be manually entered, so a red flag is not set with the IRS due to the software being what it is.
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wbwood
Troutman, NC
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tatest wrote:wbwood wrote:I use turbotax and it asks you about if you received a 1098 on it..
The program has to ask you that because the IRS wants to know, for each mortgage interest deduction you claim, whether or not they should be looking to match your deduction with a 1098 sent to them by the lender. It is a check box on the form, they need to know whether or not to put the X in the box.
In the absence of a 1098, you usually provide a brief description, and the IRS will decide whether or not to come looking for supporting documentation.
That was in reference to someone saying that the HR Block software did not give you the option of whether or not you received a 1098.
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