- Joined
- Jul 16, 2002
- RO Number
- 9357
- Messages
- 533
I have a Cruisers 3075 Express, it sleeps 5 adults, 2 in the large forward berth, 2 in the mid-cabin berth, and 1 on the dinette. There is a full service galley with every ammenity possible, a full stand up head with shower, basically everything that constitutes a second home.
I have read the IRS tax laws, and I know that boats and RV's that offer sleeping, cooking and bathroom ammenities do qualify as a second home, making the interest paid tax deductible.
So in January I called the bank that did my boat loan and requested a 1098, statement of interest paid. They told me that they do not provide those for boat or car loans, only student loans and home mortgages. I told the lady that my boat is a second home, and that the IRS allows me to deduct the interest paid on it as a result. After a few sighs and silent moments, she agreed to mail one out.
A week later I get something in the mail from the bank. It is a letter that says, "Your total interest paid on account # xxxxxx for 2005 is $xxxx.xx"
That was it, no 1098 form, no taxpayer ID, nothing!! So I have two questions.....
1. How in the hell am I supposed to claim that interest if the bank did not provide me with the proper 1098 form?
2. Has this, or does this, happen to any of you guys?
I am curious if this is a problem everywhere, or just with this particular bank.
I have read the IRS tax laws, and I know that boats and RV's that offer sleeping, cooking and bathroom ammenities do qualify as a second home, making the interest paid tax deductible.
So in January I called the bank that did my boat loan and requested a 1098, statement of interest paid. They told me that they do not provide those for boat or car loans, only student loans and home mortgages. I told the lady that my boat is a second home, and that the IRS allows me to deduct the interest paid on it as a result. After a few sighs and silent moments, she agreed to mail one out.
A week later I get something in the mail from the bank. It is a letter that says, "Your total interest paid on account # xxxxxx for 2005 is $xxxx.xx"
That was it, no 1098 form, no taxpayer ID, nothing!! So I have two questions.....
1. How in the hell am I supposed to claim that interest if the bank did not provide me with the proper 1098 form?
2. Has this, or does this, happen to any of you guys?
I am curious if this is a problem everywhere, or just with this particular bank.