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

Vjmccauley9 · ‎August 5, 2019

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

DoninGA · ‎August 5, 2019

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

xmasbaby0 · ‎August 5, 2019

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Lisa995 · ‎August 5, 2019

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

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