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Can I deduct the interest on a secured Line of Credit which I loaned to a family member

Took a secured Line of Credit against stocks and loaned funds to family members
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Can I deduct the interest on a secured Line of Credit which I loaned to a family member

No.  General interest is not deductible.  Interest on your personal home is deductible, but only if the loan is used to buy, build, or substantially improve the home.  If you borrow money to buy investments, the interest is sometimes deductible, but only against the income from the investments, not generally.  There are no other provisions that would allow you to deduct interest that you pay in order to lend money to a family member, and in fact, you should probably be  charging your family members interest, and reporting that as taxable income to you. But that’s a more complicated discussion.

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