2017 Tax Return - Can I Deduct RV Interest Paid in 2017

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dbFL

dbFL

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Apr 14, 2017
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Short question, Can RV Interest be deducted under 2017 tax laws?

I see documentation that yes, it is considered a 2nd home However, technically on paper we sold our stick-n-brick home in 2017 and assumed the RV loan. Is that still considered a 2nd home if (we full-time) and I don't own a 1st home any longer?

thanks!!
 
Yes loan interest is deductible as a 2nd home. That may change next year to only motorized rv?s.
 
If you have only one "home" and it is an RV, then the  RV is your primary home. And the interest on a primary or second home is tax deductible in 2017, subject to IRS rules that apply to any such home loan.  For example, the "home" must be the collateral for the loan.  There are no special tax rules for interest on RVs - once it qualifies as a primary or secondary home, the rules are the same as any other home.
 
dbFL said:
Short question, Can RV Interest be deducted under 2017 tax laws?

I see documentation that yes, it is considered a 2nd home However, technically on paper we sold our stick-n-brick home in 2017 and assumed the RV loan. Is that still considered a 2nd home if (we full-time) and I don't own a 1st home any longer?

thanks!!
Click to expand...

I'd say it is now your primary residence. 
 
Only if all your itemized deductions meet or exceed $12,700.

$12,700 is the standard deduction for a couple ($6,350 for a single person).  So you are going to either be spending a huge amount on interest for your RV loan or you are going to have a huge amount of other deductions, such as home mortgage interest, home property taxes, etc to be able to add the RV loan interest to exceed the standard deduction.
 
If it has cooking, sleeping, and bathroom facilities and so long as the loan is not a home equity loan, yes. It?s deductible on your Schedule A and you may find that the standard deduction is higher.
 
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