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Deductions & credits
Interest on personal loans is never deductible.
Interest on a mortgage may be deductible if you own the property, and pay the mortgage, and the amount of the mortgage is less than $1 million. You can only deduct mortgage interest paid in 2017 on your 2017 tax return. You would have to amend prior year returns to claim prior year interest.
‎June 3, 2019
10:29 AM