Is the interest tax deductable? 2 Answers as of September 07, 2010

My husband and I have a loan for an RV that we bought in 2006. We have been confused about what we can include on our deductions since then. Is the interest that we pay on this loan tax deductible?

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E. Ray Critchett, Zaino & Humphrey, LPA
E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
The IRS states that personal interest, which includes interest paid on a loan to purchase a car for personal use, is not deductible. You can obtain more information at: http://www.irs.gov/taxtopics/tc505.html However, the answer may be different if the RV is used and/or owned by your business. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue.
Answer Applies to: Ohio
Replied: 9/7/2010
Law Offices of James C. Bechler, A.P.C.
Law Offices of James C. Bechler, A.P.C. | James Bechler
If the motor home is considered your second home, its tax deductible. If its used for business, it could be partially tax deductible.
Answer Applies to: California
Replied: 8/25/2010
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