Generally, Interest paid on personal loans is not tax-deductible. If you borrow to buy a car for personal use or to cover other personal expenses, you cannot deduct those interests. Similarly, interest paid on credit card balances is also not tax-deductible.
However, interest paid on mortgages, student loans, and business loans often can be deducted on your annual taxes to reduce your taxable income. If this is a mortgage-related loan, without a Form 1098, you can enter the information by following these steps:
In TurboTax online,
- Sign in to your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "mortgage interest" and Enter
- Select Jump to mortgage interest
- Follow prompts
To see the change in the new law TCJA, click here: 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"
