I purchased a house in 2007 with three loans, a 417k mortgage loan, a 100K home equity loan, and a 100K personal family loan. Can I deduct interest from all three loans?

[SweetieJean]

2007, or 2017?

[SweetieJean]

Is the personal family loan secured by a recorded mortgage on the home?

[Opus 17]

To be considered a mortgage with deductible interest, the loan must be secured by the home.  That usually means that it must be listed as a lien with the county clerk's office so that you could be foreclosed and lose the home if you stopped making payments.  The personal family loan probably doesn't qualify.

[VolvoGirl]

Even if you can't claim or deduct the personal interest they have to report the interest as income even if they don't get a 1099Int for it.

[SweetieJean]

Correct.

[TaxGuyBill]

*IF* all loans are secured by the home then it depends what money was used for in the "Home Equity Loan" and "Personal Family Loan".

If it was used to "substantially improve" your home, it is deductible.  Interest for money taken for other purposes is limited to $100,000 of loan.
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