Q. My husband and I are retired military and currently live full time in our RV. Although we do have a small cabin in another state, there is no mortgage on it. I am taking the mortgage interest on the RV as a deduction on our tax return. Is this correct? What is the impact if we take the standard deduction?
A. Yes, since your RV is your primary residence you can deduct the mortgage interest. The mortgage interest would be deductible even if the RV was a secondary residence, providing, of course, it meets all the criteria. If you elect to take the standard deduction, there would be no impact as you don't account for how it is "spent" so to speak. Always take the higher of the two.
- The Popeye Express
- Honey C. Shellman, EA, is a federally authorized income tax practitioner. She has had her own company since 1978 and prepares both individual and business returns for clients living in several states during the filing period and does income tax planning year around. She is happy to have many full time RVers as clients. Honey travels with her husband and kitty roughly 7-8 months each year in their motor home, The Popeye Express, and have over 150,000 miles logged in 20 years. The personal blog of their journals can be found at www.popeyexpress.com