INTEREST ON MOTORHOME DESTROYED BY TREE AND NEW INTEREST ON REPLACEMENT MOTORHOME

Forum|Forum|1 year ago
February 5, 2025
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IN JULY OUR MOTORHOME WAS DESTROYED BY A TREE. WE PAID INTEREST ON THIS LOAN THAT WE WANT TO DEDUCT. PLUS WE PURCHASED A NEW MOTORHOME THAT WE WANT TO WRITE OFF THE INTEREST. HOW DO WE DO THIS WITH TWO LOANS?

KrisD15

You can enter both 1098 forms that you have even if the loans each are on two separate homes, since each was your primary home at the time.

Enter the older loan first, then the newer, but for each you would select primary home and original loan as long and the second loan was used only for the second motorhome.

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LLBUSSE2025Author

ISSUE IS WE HAVE A PRIMARY HOME WITH INTEREST

MOTORHOME 1 WAS SECOND HOME (DESTROYED DURING HURRICANE IN HOUSTON IN JULY)

MOTORHOME 2 IS NOW OUR SECOND HOME

ALL 3 HAVE INTEREST

HOW DO WE PUT ALL 3 IN?

AnnetteB6

Start with the Form 1098 for your primary residence.

Then, add another lender and enter the information for the first motorhome that was destroyed. Answer the question that the loan is for your second home.

Then, add yet another lender and enter the information for the second motorhome that replaced the first one. Answer the question that this loan is also for a second home.

If this does not work, please follow-up with any messages you see on the screen so we may try to guide you further.

@LLBUSSE2025

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