So, where do you make this deduction on your taxes?
First, you’ll look to see what the total amount of interest you’ve paid on your loan for the year is. You normally get this information in early February when the bank sends you Form 1098 about your loan payments. On this form, look for Box 1. The number there shows you how much interest you’ve paid during the year.
Then, on your Schedule A tax form, you’ll take your interest paid amount and put the number on Line 10.
Or, if you have a CPA you work with during tax season, make sure you share your Form 1098 with them and request them to deduct the interest from your RV loan.
Happy deducting y’all!
Hello Adam – I’m actually wondering if we can take the IRS deduction beyond just deducting interest on the RV and deducting the entire loan amount both principal and interest over a period of time as it does exceed the GVW gross vehicle weight requirements. For example we own a house in Hilton head but my landscape business is in Pennsylvania. We drive our car to Pennsylvania to get to work and while here we drive it from where were staying every day to the shop and conduct virtually all business related activities with our vehicle and therefore all of the mileage is deductible. Often times in real estate for example you have to log personal miles separate from professional miles. With the case of an RV if we are basically driving to work for example from one workstation in the Braska to another one in Texas then I would assume although I’m asking you for this advice that since were using it to gain income that all miles would be related to work and therefore a large percentage if not all miles for each year in the RV are dedicated to work. Hope you get the gist of this. You’re welcome to call me I’d love to hear from you. I’m out in the field right now most days with my crew from 630 until 730 at night but I am available between noon and 1230 noon every day Eastern standard time.
Hi Steven!
Quick note- we deleted your contact information from the end of your comment to help protect you from spam crawlers and such. However, give the detail of your situation, it would be best for you to talk directly with Adam. You can reach him via his website http://www.nuventurecpa.com/contact
Does this only apply if you have a house AND a RV that counts as a 2nd home?
What if you sell your house and just have the RV. Can you still deduct your interest from the RV loan by itself?
Great question! You can reach Adam directly via his website http://www.nuventurecpa.com/contact to get answers specific to your situation.