My RV is parked on a seasonal campsite, is self-contained, and used by me on and off for 6.5 months. The loan on it states that the bank has "security interest in the property being purchased".
Can the loan interest be deducted on my taxes since this is my second home?
2007-03-05 05:12:08 · 2 answers · asked by ReenCT 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Yes.
Under the IRC (Internal Revenue Code) it appears that your RV meets the critieria of being a 'qualified residence'. That being the case, and that you occupy it more than 14 days of the year, you are able to deduct the interest on schedule A of your income tax return.
2007-03-05 05:54:04 · answer #1 · answered by Molly 6 · 2⤊ 0⤋
Your loan interest is deductible regardless...it doesn't have to be for an actual mortgage.
2007-03-05 05:16:28 · answer #2 · answered by bradxschuman 6 · 0⤊ 1⤋