Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
sureshk-sus
New Member

I took a loan from my employer in 2008 specifically for the down-payment on my new home. The loan is accumulating interest that I am paying. Can I deduct it in 2017?

 
1 Best answer

Accepted Solutions
Marketstar
Level 7

I took a loan from my employer in 2008 specifically for the down-payment on my new home. The loan is accumulating interest that I am paying. Can I deduct it in 2017?

You can only deduct a loan for your home if the loan is legally secured by the property.

Otherwise, it is personal interest which is non deductible.

Personal interest is any interest that is not home mortgage interest, investment interest, or business interest.  It includes such-as interest paid on auto loans, unsecured loans and credit cards.

View solution in original post

1 Reply
Marketstar
Level 7

I took a loan from my employer in 2008 specifically for the down-payment on my new home. The loan is accumulating interest that I am paying. Can I deduct it in 2017?

You can only deduct a loan for your home if the loan is legally secured by the property.

Otherwise, it is personal interest which is non deductible.

Personal interest is any interest that is not home mortgage interest, investment interest, or business interest.  It includes such-as interest paid on auto loans, unsecured loans and credit cards.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v