A ’second mortgage’ is a loan against your home that uses your home as collateral (based on the available equity you have in the property).

You can take a second mortgage (AKA equity credit line or Home Equity loan) to pay for something like an RV or a Boat, and yes, that interest is deductible on your federal income taxes.

You can also take a mortgage against the RV, and not include your home as collateral for it (just as you could buy a second home) IF your debt to income ratio will allow it. In this case, it is also deductible.

I think you are allowed to deduct two mortgages on your income taxes, so if you have a mortgage, a HELOC and then want to take out another mortgage on the RV then it might not be deductible. Check with your tax preparer to be sure.

No, because it is not realestate.

To answer your question in a word-no

I would also suggest not going for a second mortgage either. Getting a second doesn’t look good on your credit-your score would probably go down.
You might think about refinancing,as long as the intrest rate does not go up. Then you refi the first, get enough extra to pay off the RV, and you still only have one mortgage.

Just make sure you don’t end up paying more in the long run than you would be saving on the deduction.

No. But a home equity loan will.

You should get a second mortgage on your house to buy the RV and it will definitely be tax deductable.