Rohit D asked:
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.
LANCE
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.
LANCE
SEBASTIAN
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.
Comment by bostonianinmo — August 21, 2009 @ 4:10 am