Yes, but only for some people. If you are self-employed or if you received a 1099 MISC in the past year, then your rv loans may be tax deductible.
The IRS provides specific rules about how to deduct any interest expenses that you pay, including loan points on vehicles such as motor homes. In general, you can only deduct expenses that are related to your profession or business.
That said, there is a caveat for small businesses who borrow money in order to purchase assets. The IRS will allow these deductions if you meet the following criteria: "regular and continuous" use of the item purchased with the loan proceeds. In other words, the vehicle must be used at least one day during the year in order to be considered a business vehicle.
The IRS also provides some other rules and guidelines regarding this deduction, which can be read below. Of course, all of these rules are subject to change in any given tax year:
"You may deduct interest you pay on money you borrow for business, investment, or other productive purposes. You may not deduct interest paid on money you borrow for personal purposes.
You can only deduct the amount of interest that is more than the amount earned from investing the borrowed funds in U.S. government securities or other investments that are considered safe for retirement plan money, such as mutual funds and bonds.
The deduction must be for business interest paid or accrued within the tax year. If you file Schedule C (Form 1040), C-EZ (Form 1040), E (Form 1040), or F (Form 1040) and use one of these schedules to report income or expenses from your business, the interest expense is automatically deducted from business income and is not reported separately on Schedule C (Form 1040), C-EZ (Form 1040), E (Form 1040), or F (Form 1040) for your personal interest expense.
You can only deduct the interest you pay. If you borrow money to extend credit to others, they will be able to deduct the interest you charge them on their income tax returns.
You generally may not deduct any of the following items:Interest you pay on a loan for personal purposes or on an investment that is not used in business and held only for investment. Interest you pay to buy property, such as a car or washing machine, for your personal use. Interest you pay on a loan from your retirement savings plan. Personal interest you pay, including credit card charges."