TaxDeductions News & Analysis

RV Mortgage Interest Deduction: Qualify with Secured Loans

RVs that include sleeping, cooking, and toilet facilities qualify as a second home for IRS purposes, allowing owners to deduct loan interest on Schedule A. To qualify, the loan must be secured, and itemized deductions must exceed the standard deduction. Many RV owners do not claim this deduction, often due to lack of knowledge or missing Form 1098. With the current 10-year Treasury at 4.49% and RV loan rates rising, this deduction could significantly impact tax returns for qualifying RV owners. This matters for ordinary investors as it offers potential tax savings that enhance financial positions.