Hi! I own a house where I'm renting out rooms. I paid for solar panels to be installed and financed the project through taking out a loan with a local credit union. This loan isn't secured by my home's equity, and is essentially like a personal loan. I read different things on the internet about whether property owners can deduct interest from loans other than mortgage loans as an eligible business expense. Currently, my roommates are paying me a small amount each month to cover their electricity "costs" because if they didn't pay for a part of the solar loan, their electricity would cost actually $0 per month even though they're actively using electricity. Is it possible for me to deduct in an itemized deduction the interest portion of the monthly solar loan payments? If so, where would I deduct it on my itemized return? Would it go under the "Utilities" section because this is where they're paying for the solar.
Thanks for answering!
