I did finance dental implants for my grandson. Is this intrest deductable

[hicks12342]

Is the intrest on my loan for a dental loan something I can claim on my taxes

[DaveF1006 · Accepted solution]

No, you can’t deduct interest paid on personal loans, credit cards, or dental financing plans if they’re used for personal expenses—including medical or dental bills.

The IRS treats this as personal interest, just like interest from a car loan or credit card. Only certain kinds of interest, like mortgage, student loan, or business loan interest, are deductible.

If your grandson is your dependent, you may claim the loan principal as an itemized medical expense provided you itemize your deductions. Medical and dental expenses are only deductible to the extent that they exceed 7.5% of your Adjusted Gross Income (AGI). 

Also, if you claim the standard deduction for the year, then the expense will not benefit you.