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.
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.