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New Member
posted May 31, 2019 10:33:10 PM

I paid interest on loan from my life insurance company, Northwestern Mutual, but did not receive a 1098 is this amount deductible.

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1 Best answer
New Member
May 31, 2019 10:33:12 PM

Unfortunately no, interest paid on a loan against your life insurance policy is considered by the IRS to be a personal interest expense that is not deductible for income tax purposes. You will not receive a Form 1098 related to this loan. (Form 1098 is a Mortgage Interest Statement only.)

2 Replies
New Member
May 31, 2019 10:33:12 PM

Unfortunately no, interest paid on a loan against your life insurance policy is considered by the IRS to be a personal interest expense that is not deductible for income tax purposes. You will not receive a Form 1098 related to this loan. (Form 1098 is a Mortgage Interest Statement only.)

New Member
May 31, 2019 10:33:13 PM

What if the loan was for a rental. Can you deduct the interest?