Mortgage Interest
I have a first mortgage and a second mortgage (under 100,000), can I claim the full interest for both mortgages on my taxes?
I also have an RV and would like to claim that as my second home and claim the interest I paid, now this loan is a rec vehicle loan would that still count as a mortgage? Please help, Thank you
Quote:On 2006-01-08 17:00, mypeanut02 wrote:
I have a first mortgage and a second mortgage (under 100,000), can I claim the full interest for both mortgages on my taxes?Yes, provided the sum of the two mortgages is under $1 million. If not, then only the interest on the first million of loan debt is an allowed deduction on Schedule A.
Quote:I also have an RV and would like to claim that as my second home and claim the interest I paid, now this loan is a rec vehicle loan would that still count as a mortgage? That would be too much of a stretch for me. The IRS is fairly liberal on what you can call a residence dwelling, but an RV just does not seem to get there in my mind.