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Main home paid off; RV and boat are not. Can you CHOOSE to deduct mortgage interest pd on BOTH your RV and boat as your 2 residences. RV secured by RV, boat sec. by boat.

Forum|Forum|7 years ago
June 6, 2019
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I need clarification regarding the legality of filing two mortgage interest deductions, if neither is for your main home. The main home's loan is paid off thus there is no mortgage interest to deduct. We do pay interest towards our boat and RV loans. Both the boat and RV have a bed, head and cooking facilities. The boat is secured by the boat and the RV is secured by the RV; neither are secured by the main home. According to tax law, can I deduct the interest paid on BOTH the boat and the RV?

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Best answer by RichardG

According to the IRS, "To be deductible, the interest you pay must be on a loan secured by your main home or a second
home." In other words, you can only deduct the mortgage interest on one second home at a time. You'll have to choose between deducting the interest on the boat or the motor home.

R

RichardGAnswer

Employee

According to the IRS, "To be deductible, the interest you pay must be on a loan secured by your main home or a second
home." In other words, you can only deduct the mortgage interest on one second home at a time. You'll have to choose between deducting the interest on the boat or the motor home.

G

gwayneshel

house has interest