1098 Reporting & Motor Home Loan

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Question:

I need some information pertaining to 1098 reporting. Can a large motor home loan be coded for a 1098 as a second home?

Answer:

No. Just because the interest is deductible does not mean it is reportable. Alternatively, just because interest is reportable does not mean it is deductible. The correlation between deductibility and 1098 reporting is imperfect.

Only loans to individuals secured by real estate (read dirt) are subject to 1098 reporting.

First published on BankersOnline.com 08/4/03