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New Member
posted Aug 5, 2019 11:01:48 AM

I was told by a pawn shop manager that the interest I pay each month on my property is tax deductible. Is that true?

The property in question is a variety of musical equipment...guitars, amplifiers, effect pedals, etc...

0 3 1943
3 Replies
Level 15
Aug 5, 2019 12:57:26 PM

You were told wrong.  The interest you pay on a personal loan is not deductible on a tax return.

Level 15
Aug 5, 2019 2:42:56 PM

Don’t take tax advice from the pawn shop guy.

Alumni
Aug 5, 2019 4:03:28 PM

I think it was back in 1986 that they did away with personal interest deduction.