topic I purchased a house in 2007 with three loans, a 417k mortgage loan, a 100K home equity loan, and a 100K personal family loan. Can I deduct interest from all three loans? in After you file

I purchased a house in 2007 with three loans, a 417k mortgage loan, a 100K home equity loan, and a 100K personal family loan. Can I deduct interest from all three loans?

CoreyI — Mon, 03 Jun 2019 18:53:46 GMT

2007, or 2017?

SweetieJean — Mon, 03 Jun 2019 18:53:47 GMT

2007, or 2017?

Is the personal family loan secured by a recorded mortgag...

SweetieJean — Mon, 03 Jun 2019 18:53:49 GMT

Is the personal family loan secured by a recorded mortgage on the home?

To be considered a mortgage with deductible interest, the...

Opus 17 — Mon, 03 Jun 2019 18:53:50 GMT

To be considered a mortgage with deductible interest, the loan must be secured by the home. That usually means that it must be listed as a lien with the county clerk's office so that you could be foreclosed and lose the home if you stopped making payments. The personal family loan probably doesn't qualify.

Even if you can't claim or deduct the personal interest t...

VolvoGirl — Mon, 03 Jun 2019 18:53:51 GMT

Even if you can't claim or deduct the personal interest they have to report the interest as income even if they don't get a 1099Int for it.

Correct.

SweetieJean — Mon, 03 Jun 2019 18:53:53 GMT

Correct.

IF all loans are secured by the home then it depends wh...

TaxGuyBill — Mon, 03 Jun 2019 18:53:54 GMT

*IF* all loans are secured by the home then it depends what money was used for in the "Home Equity Loan" and "Personal Family Loan".

If it was used to "substantially improve" your home, it is deductible. Interest for money taken for other purposes is limited to $100,000 of loan.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p936#en_US_2016_publink1000230008">https://www.irs.gov/publications/p936#en_US_2016_publink1000230008</a>

topic I purchased a house in 2007 with three loans, a 417k mortgage loan, a 100K home equity loan, and a 100K personal family loan. Can I deduct interest from all three loans? in After you file

I purchased a house in 2007 with three loans, a 417k mortgage loan, a 100K home equity loan, and a 100K personal family loan. Can I deduct interest from all three loans?

2007, or 2017?

Is the personal family loan secured by a recorded mortgag...

To be considered a mortgage with deductible interest, the...

Even if you can't claim or deduct the personal interest t...

Correct.

*IF* all loans are secured by the home then it depends wh...

IF all loans are secured by the home then it depends wh...