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hippockets
Level 1

Deducting loan prep expenses on loan to a family member

I loaned my daughter money to refinance her home and took a first mortgage. I paid a lawyer to draw up the loan and record the mortgage. Where on my return can I deduct those loan prep costs to offset the taxable interest she will pay me each year?

2 Replies
MinhT1
Expert Alumni

Deducting loan prep expenses on loan to a family member

Unfortunately, these expenses are not tax deductible.

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hippockets
Level 1

Deducting loan prep expenses on loan to a family member

That's the conclusion I'd reached, too, but thought I might have missed something. Thanks for your prompt response.

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