Solved: 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?

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?

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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.

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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.