Kat
Level 15
Level 15

Deductions & credits

If you're referring to deducting mortgage interest paid to an individual (private) loan, the answer is yes.  You'll need identifying info (SSN) from the individual that holds your mortgage to report that you're paying them.

However, using mortgage interest as a deduction requires itemizing your deductions using Schedule A.  Since the tax law changes took effect, the standard deductions have increased significantly.  You may not need to itemize your deductions after all.

See the information below:

https://ttlc.intuit.com/replies/3300473

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***