Hmmmmm, lots of opinions. I use a CPA. I have found even those people that sit at Walmart that have all of 2 weeks training don't really know what is going on unless it is really simple stuff. A CPA doesn't really cost that much more than a Walmart tax preparer.
I use TurboTax. It asked me about "other" mortgage interest (the RV loan), personal property taxes, and auto registration "taxes" (fees).
As is so often the case, just read and follow the instructions. For most of us (wage earners and/or retirees), it isn't all that difficult. For the RICH, of course, it is entirely different!
My definition of "RICH" is anybody with a 6 figure annual income (or more).
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mowermech wrote: My definition of "RICH" is anybody with a 6 figure annual income (or more).
I used to think the 6 figure crowd was rich too. How little did I know. Oh how I'd like to be living back in 1973 again making $15,000 a year with 2 new cars and my house paid for and not oweing a soul a penny.
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I have some friends that are in the lower income level so they can't claim the interest on their trailer because they don't make enough to pay income taxes. Although every year they pay a couple of hundred to have their taxes done.
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The interest is what's deductible and the loan has to be secured by a residence, such as the RV. You are only allowed 2 residences to claim the interest on. It has to go on a separate entry. You won't have a 1098 (or is it 1099?) most likely.
What defines a residence is the kitchen, a place to sleep and a bathroom. The PP is correct in that the 14 day rule only applies to vacation rental properties you may own. So unless you are renting your RV out, it doesn't apply.
For the most correct and up-to-date information, the IRS publications are the best source, assuming you can decipher them.
Maggie
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Oh how I'd like to be living back in 1973 again making $15,000 a year with 2 new cars and my house paid for and not oweing a soul a penny.
