80% of the cost price was financed thru mortgage loan. So I have two notes, mortgage and installment loan. Can the interest on the installment loan tax deductible? If so can you please also provide reference to the source preferably IRS.
10
Apr
Apr
20% cost of my home was financed thru personal installment loan. is the interest tax deductible?
Posted by Admin in Saturday, April 10th 2010 1 comment so far
under: Personal Finance Tags: Cost, deductible, financed, Home, installment, Interest, Loan, Personal, thru
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By definition a personal loan is not secured by anything but your signature. If that is the case, the interest on it is NOT deductible. If the 20% loan is actually a mortgage loan, i.e. it is secured by the property, then it would be deductible.