Dear Tax Talk:
I understand I can use the interest on my RV as a deduction, but where do I claim this? I didn't receive a Form 1098. Do I claim it under mortgage interest? I'm using TurboTax.
-- Suzanne

Dear Suzanne,
I can't tell you where to input it into TurboTax, but the deduction should be claimed on Schedule A line 11. Lines 10 and 11 are used to claim mortgage interest deductions. The instructions on Schedule A tell you that if you did not receive a Form 1098 for deductible mortgage interest, then report the deduction on Line 11. Form 1098 is used by lenders to report mortgage interest paid on loans.

Interest on a first and second home qualifies for the home mortgage interest deduction on Schedule A. The IRS considers boats and RVs to be a home so long as they contain sleeping, cooking and bathroom facilities.

Interest paid on boat and RV loans is not required to be reported by the lender on Form 1098. Nevertheless, you can claim the deduction for interest paid on these loans so long as you otherwise meet the deduction standards.

Principal among these standards is that your total debt on your primary residence and the RV or boat cannot exceed $1.1 million. If you can't get it to come out on the right place on Schedule A, you'll need to contact TurboTax.

To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.

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