phenrichs wrote: 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.
mikhen wrote: 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, Nat'l SurfSide DE34D Ford 362HP 5speed
Rusty, Rosie, Snuffy Dogs
Leroy's a Conure
If a 'Little' is good, 'Alot' ain't better.
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.
Robert
'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!"
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