FTC Disclosure: I get commissions for purchases made through some of the links in this article for more information, visit our Advertising Disclosure Page.
by Van & Dee
Is it appropriate to claim the interest on your RV loan as mortgage interest if you are living in it full time?
ANSWER Hi Van and Dee, first, a disclaimer, I am not by any stretch of the imagination a tax consultant. In fact, my wife doesn't even trust me to be in charge of our money. She still gives me an allowance of $20.00 a week whether I need it or not :-) But I do have the information you requested.
This information is from The National RV Dealers Association. According to the RVDA you can claim the interest on your RV loan as home mortgage interest.
"To qualify, the Internal Revenue Service (IRS) has ruled that:
1. The RV must be used as security for the loan.
2. The RV must have basic sleeping, cooking, and toilet facilities.
3. The RV must be rented out less than 15 days per year.
4. Interest expense deductions on the RV must exceed the taxpayers' standard deduction.
Nearly all RV types -- motorhomes, travel trailers, truck campers and many folding camping trailers -- are equipped with these facilities.*