Buick_Fan
Indiana
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Anybody else using H&R Block software to do their taxes, and trying to claim the Rv loan interest? I had to tell it we had a second mortgage in order to claim it. Not really a second mortgage, but I think the software deducted it the same way. Anybody else run into this?
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tandkj
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I use Turbo Tax with no problems.
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jalichty
Lander, Wyoming 82520
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Why isn't it a second mortgage? Just because it's on a different home, doesn't not make it a second mortgage as far as I am concerned. I plan on deducting my interest on my fifth-wheel this year as second mortgage interest.
John A. Lichty
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hawkman541
Schertz, Texas
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I use H&R Block and I put it in as mortgage interest on the next line. I don't see how it shows as a second mortgage, but as an additional mortgage interest. You might consider going to the chat line on H&R. Good luck.
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doublenot7
Clear Lake, Texas
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Also be sure your loan is secured by the RV.
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missnmountains
Colorado
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You need to be careful that you are reporting this correctly. 1st and 2nd mortgages on a primary residence are typically reported to the IRS on Form 1098 and you should report the deduction on Line 10 of Schedule A. A Boat or RV that qualifies as a 2nd home does not receive a Form 1098. Accordingly, you need to report the interest deduction below on Line 11 as it was not reported on Form 1098. Line 10 on Schedule A is specifically cross referenced electronically with the IRS.
Ken
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Jim & Betty
Brandon, South Dakota
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missnmountains wrote:You need to be careful that you are reporting this correctly. 1st and 2nd mortgages on a primary residence are typically reported to the IRS on Form 1098 and you should report the deduction on Line 10 of Schedule A. A Boat or RV that qualifies as a 2nd home does not receive a Form 1098. Accordingly, you need to report the interest deduction below on Line 11 as it was not reported on Form 1098. Line 10 on Schedule A is specifically cross referenced electronically with the IRS.
Ken
Ditto on this
I did the error of reporting the interest as a 1098 when in fact it was not and I received a letter from the IRS. I got the issue corrected and the following year I did it on the right line with no problems. I however I do not use H&R tax software.
JimR
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Buick_Fan
Indiana
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Thanks for the feedback....that's the info I was looking for.
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Grey Mountain
On the rez somewhere in Indian Country
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Ditto on Line 11. I use TaxAct to do my taxes. Never had problem.
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MPI_Mallard
Windsor,Ontario,Canada Davenport,Florida
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I wouldn't use anything or anyone that had anything to do with H@R Block,they buggered up my taxes a couple of years ago so bad and i highly doubt their incompetence would end at at some P.O.S software their hawking!Go hire a private tax consultant,they'll usually save you more than they cost and you'll be able to sleep at night!
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