Is interest on a personal loan deductible?

1 ⤊

A personal loan from a financial institution

2007-04-11 11:53:21 · 5 answers · asked by Liligirl 6 in Business & Finance ➔ Taxes ➔ United States

No, it qualifies as "consumer interest," and hasn't been fully deductible since the phase-out of the provisions of the Tax Reform Act of 1986.

2007-04-11 12:43:20 · answer #1 · answered by byu1980 2 · 0⤊ 0⤋

2016-09-28 11:20:57 · answer #2 · answered by ? 3 · 0⤊ 0⤋

Not unless it's secured by your house

2007-04-11 14:58:18 · answer #3 · answered by Judy 7 · 0⤊ 0⤋

No, that's not deductible.

2007-04-11 11:55:55 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋

No.

2007-04-11 12:16:01 · answer #5 · answered by Jorge 3 · 0⤊ 0⤋