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If the loan meets the requirements of a secured debt (explained below) - please report the interest as a regular mortgage interest paid:
If the loan doesn't meet the requirements - it is considered a personal loan and is not tax deducible.
Home mortgage interest is deductible only if the mortgage
is secured debt. Secured debt is represented by a signed instrument (such
as a mortgage, a deed of trust or land contract) that:
Please refer to the IRS Publication 936 for more details.
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