Re: Class B Motorhome & Taxes
Highly likely you won't receive a Form 1098 for interest paid on the loan, in which case it goes on line 11 of Schedule A "home mortgage interest not reported on form 1098."
If you want to know exactly how much it would save in taxes you need to figure out what tax bracket or marginal tax rate your in and multiply by interest paid. So if your in the top 39.6% tax bracket and you pay $3,000 in interest the tax benefit would be $1,188 (0.396X3,000).
Another goody is the sales tax paid. You can deduct actual sales tax paid on major purchases (like car, boat, rv, etc) in addition to the standard amount of sales tax deduction allowed (calculated based on locality and income). The deduction is an alternative to state and local income taxes paid so its limited to the greater of sales tax or state and local income tax paid.
All of this could be moot for a lot of higher income people because the itemized deduction phaseouts will start in 2013 and you could also be subject to the AMT tax, which could eliminate all these deductions if you meat the communist definition of "rich."
2002 Chevy 3/4 ton Explorer Conversion Van with Quigley IFS.