RV Loan Interest Statement for Taxes

CFun · 01-29-2016, 10:50 AM

The last RV I owned was financed through a bank that specialized in RV loans, so every year they sent me an interest statement to use and to back up my interest deduction on my taxes. The dealer that I purchased my Sunset Trail from got us financed through First Merit bank. I called them and asked about an interest statement and they don't know what in the world I am talking about and stated they don't supply an interest statement for taxes.

Is anybody else's bank not providing an interest statement? If your bank is not providing one to you for your RV loan, how are you documenting/verifying interest paid in order to claim it as a deduction?

ridgerunner69 · 01-29-2016, 10:57 AM

You may try and call back and talk to someone else if that don't work you may have to go in and talk to them you should get one tell them you need a end of the year tax statement for you trailer.

ridgerunner69 · 01-29-2016, 11:09 AM

We get a statement once every 3 months our end of the year interest was on our last statement if you get statements you may check to see if you did get what you need just a thought, so they my be right in which they don't send out tax statements alone.

campingcpl · 01-29-2016, 12:42 PM

The last two banks we have used hasn't provided a 1098 for our interest to report on our taxes. I usually just call them up and ask them if they can tell me how much interest I paid on the loan for the year and if they can send me a copy. They usually give it to me without a problem and I have never had any issues with the IRS and not having the 1098 form.

LeBo · 01-29-2016, 06:36 PM

I think just calling and asking again should be all it takes. Good luck

**mark5w** · 01-29-2016, 07:07 PM

Or log on to your account and you can print it out yourself.

morphrider · 02-03-2016, 09:25 PM

I am new to the need for having a 1098. We just did our taxes tonight and our accountant went off of the interest off one of our bills. I will call and get a 1098 but I was wondering why we do not get a 1098 or such for any vehicle loan? Is this because an RV is considered a home of sorts? Taxes always confuse me a bit and I appreciate any insight concerning this reasoning.

Kenny White · 02-03-2016, 10:05 PM

Yes, your RV can qualify as your 2nd home for tax purposes if it passes certain criteria. You can look at Publication 936, page 4.

johnboytoo · 02-04-2016, 06:03 AM

They used to send 1098's for everything, but since the IRS no longer allows certain interest rate deductions like they used to... car loans, etc...
they don't force the finance companies to send them out...

And signing onto your account and printing it is the best way to get it...
It will either be on your last statement of the year or a separate interest paid form.

KingFisher · 02-04-2016, 06:51 AM

I have a loan with First Merit, you can't have an online account unless you have a checking or savings account.
I have to mail in my payments. They're 360 miles away, I was disappointed because rv finance manager said they had a local branch.

ewbldavis · 02-04-2016, 10:06 AM

I do not get a statement, but if I log into my account I can print a document.

First Merit and Huntington are merging in the next year, so maybe you can get online access.

matherne · 02-04-2016, 08:29 PM

I thought rv interest was only deductible if it was your primary residence. Seems like I heard that on the radio today. (Tax tips)

**mark5w** · 02-04-2016, 08:39 PM

From the Turbo Tax website

Quote:

You can deduct interest you pay on a loan secured by your main home (where you ordinarily live most of the time) and a second home. A second home can include any other residence you own and treat as a second home, and can be a mobile home, house trailer, recreational vehicle, or houseboat that has sleeping, cooking and toilet facilities.

You may also like: