The Reason You Can Deduct Your RV Loan
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This is a super common question from full-time RVers: Can we deduct the interest from our RV loan on our taxes like we would if we had a normal house mortgage loan?
The IRS says, For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat or similar property that has sleeping, cooking and toilet facilities.
So, if your RV has these three categories that make up a home (sleeping, cooking and toilet facilities), you can deduct your interest paid on your RV loan.
Can Only Deduct Two Homes at Once
The first limitation is you can only deduct your first and second home at one time. If your RV is a third home, then you’re not able to make the deduction.
