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...

posted

Connect with an expert

3 Replies

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

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

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

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.**

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

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

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Still have questions?