My loan is secured by a property I do not own. turbo tax does not give me the option for that response.

Forum|Forum|4 years ago
February 4, 2022
2 replies
28 views

Option 1 says, yes this loan is secured by a property I own.
Option 2 says, no, my loan isn't secured.

TurboTax Premier Online

MarilynG

Alumni - Intuit

To qualify for the mortgage interest deduction, the loan must be for either your first or second home. That means you can’t deduct the mortgage interest on a third or fourth home.

Your name must be on the property to qualify for the mortgage interest deduction.

Loans that are not secured by your home are usually considered to be personal loans and the interest is not tax deductible.

Click this link for more info on Deducting Mortgage Interest.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

fanfare

Level 15

you can't deduct the interest on a loan that you are not responsible for, even if you pay it.

My loan is secured by a property I do not own. turbo tax does not give me the option for that response.

2 replies

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO