Private home loan

Forum|Forum|3 years ago
March 11, 2023
2 replies
17 views

can you deduct mortgage interest if the loan is private

TurboTax Deluxe Online

DoninGA

Level 15

Is the loan secured by the property?

KrisD15

Level 15

You would have had to sign papers which put a lien on the property for the interest to be deductible.

If it were something like an installment payment or land contract, yes, the interest would be allowed because in those cases, the Seller retains the right to the property until the loan is paid in full.

According to the IRS:

The mortgage is a secured debt on a qualified home in which you have an ownership interest. Secured Debt and Qualified Home are explained later.

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Private home loan

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