Is the interest I pay on my RV tax deductible?

September 24, 2014 by Dave Du Val, EA
RV driving on the road

Hey Dave,

Can I claim the interest I pay on my RV on Schedule A as mortgage interest on a second home?

Calvin

 

Calvin,

As long as your RV loan is secured by the RV and the RV contains sleeping, kitchen, and toilet facilities, the interest on the purchase loan is allowed be deducted as a mortgage interest deduction. Your mortgage interest deduction is generally limited to the interest on your primary residence and one other personal-use home, which can be a motorhome or recreational vehicle.

Deductibly Yours,

Dave

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