We have paid off our home and now have no interest to deduct on it. We also have an RV and a boat (with bed/head/cooking facilities) that we are currently paying interest on. Can I deduct interest on the remaining two loans that we pay interest on?
Yes, per the IRS, a motorhome or a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer to deduct mortgage interest. A qualified residence must include a sleeping space, a toilet, and cooking facilities.
In addition, the loan must be secured by the vehicle/boat.
To report mortgage interest in TurboTax Online
Click My Account (Top right of your screen).
Select Tools.
In the pop up window, select Topic Search.
In the search bar, type in mortgage interest
Highlight it and select GO, and follow the prompts.
To deduct personal property taxes enter the same words in the search bar.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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