I was wondering if i had a loan throughout the year of 2006 would i get any money back from the interest that i paid on that loan? If so what form is it?
2007-02-17 12:26:25 · 4 answers · asked by John Doe 2 in Business & Finance ➔ Taxes ➔ United States
It was a personal loan so i guess i dont get the interests back but i did however take out a loan to invest with it would that make any difference?
2007-02-17 12:33:52 · update #1
What type of loan?
2007-02-17 12:28:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
What type of loan was it? If it was a home mortgage, a student loan, or a loan to purchase an investment it might be deductible. If it's a personal loan, it's not deductible.
If you can prove that the loan was taken out for the express purpose of purchasing an investment, normally by pledging the investment as security for the loan, you can deduct the interest.
2007-02-17 12:31:10 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 2⤋
You can instanly find a quick payday loan as much as $1000 using this service: http://loans.servermatrix.org I managed to get my payday loan even though I have a very poor credit rating.
2014-08-28 13:53:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Only mortgage interest is tax deductible.
2007-02-17 12:29:18 · answer #4 · answered by Barkley Hound 7 · 0⤊ 2⤋