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dylan9bd
New Member

Can I deduct the interest I am paying on a signature loan ?. it is not a mortgage , it is not a student loan. It is money I borrowed to pay my grandsons dental expenses.

 
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2 Replies

Can I deduct the interest I am paying on a signature loan ?. it is not a mortgage , it is not a student loan. It is money I borrowed to pay my grandsons dental expenses.

No that interest is not deductible. 

MayaD
Expert Alumni

Can I deduct the interest I am paying on a signature loan ?. it is not a mortgage , it is not a student loan. It is money I borrowed to pay my grandsons dental expenses.

No. A signature loan is a type of personal loan, Interest paid on personal loans is not tax deductible

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