I figured it out. It wasn't enough to pass the standard deduction. Obviously not worth raising the IRS's eyebrows over. I will be making sure that it is calculated in from now on though.
You could always go buy a bigger more expensive RV and then you'll have enough interest to write-off. And as for raising the IRS's eyebrows, as long as you aren't cheating on anything who cares what their eyebrows do? If I had missed a write-off I'd have no problem filing an amended return and getting my money back.
Well you almost nailed it there. We just bought a much bigger TT and will certainly be writing this interest off.
Just a note, our RV finance company doesn't send us a 1098 or anything like it. We have to call for the amount and enter it as "interest not reported on a 1098".
We used Tax Act.
Our finance company always has sent us the proper form and we just give it to our tax man. We give him all of our w-2's, 1099's of which there are several and he does the magic. I pay him and he deducts that the following year. I write or receive checks.
Turbo Tax software REALLY wants to sell you the 'Premium' package AFTER buying their $ 50 basic software. If U have anything more than a Standard deduction tax situation The basic software won't lead you to other forms like Schedule'E' for reporting Rental Income. BIG Ripoff! You can get around their additional $39 'Offer'...lol... by simply going into the 'FORMS' and filling out the correct form yourself. You just gotta know what form you need...they won't tell U. LOL
Joe & Charlotte, 2015 Thor Vegas 24.1 Ford E-350 305hp V10 5speed, Jeep Wrangler & Honda Element 'TOADS'
Rosie, Morky Dogs
Leroy's a Conure
"Once it starts breakin'...GET RID OF IT!"
To deduct interest on any home (first or second), the loan must be secured by the home. In other words, if you got a personal loan from your friend it is not deductible. Same thing if you just used your credit card.
'09 International DuraStar 4400 (Snowflake)
'07 HH CE 35 CKQG Plan 2 (Carpe Diem)
"Being retired means waking up with nothing to do,
. . . and going to bed with half of it done!"