topic My loan is secured by a property I do not own. turbo tax does not give me the option for that response. in Deductions & credits

My loan is secured by a property I do not own. turbo tax does not give me the option for that response.

torgy8448 — Mon, 09 Mar 2026 06:26:00 GMT

Option 1 says, yes this loan is secured by a property I own.
Option 2 says, no, my loan isn't secured.

Re: My loan is secured by a property I do not own. turbo tax does not give me the option for that...

MarilynG1 — Fri, 04 Feb 2022 04:06:32 GMT

To qualify for the mortgage interest deduction, the loan must be for either your first or second home. That means you can’t deduct the mortgage interest on a third or fourth home.

Your name must be on the property to qualify for the mortgage interest deduction.

Loans that are not secured by your home are usually considered to be personal loans and the interest is not tax deductible.

Click this link for more info on Deducting Mortgage Interest.

Re: My loan is secured by a property I do not own. turbo tax does not give me the option for that...

fanfare — Fri, 04 Feb 2022 04:27:02 GMT

you can't deduct the interest on a loan that you are not responsible for, even if you pay it.