Q. I have a motor home which I am selling, but owe more than the selling price. I will have to write a check for about $20,000 to pay off my loan. I have been deducting the mortgage interest as a second home and the license fees. When I file my tax return, can I take the $20,000 as a deduction?
A. Regrettably the $20,000 won't be deductible. This is true for any personal asset, including a residence, primary or not. Sometimes there just isn't any justice in our tax code. Sorry to be the bearer of bad news.