Interest on a personal asset loan

[hd92fxrp]

I used a Schwab personal asset loan to buy a condo for my son who would not be able to qualify for a loan. Can I deduct the interest being paid on this loan, if not what would be the best way to proceed so that the interest can be deducted? thx!

[Bsch4477]

No, you can’t deduct the interest. The loan would have to be secured by the property. 

[Opus 17]

It's just not deductible.  To be deductible, the loan has to be secured by the property.  Furthermore, even if he were to refinance the home to get a mortgage in his own name (and pay off your Schwab loan), it would not qualify if it was more than 90 days since buying the property. See Part II, limits on the deduction, in publication 936.

https://www.irs.gov/publications/p936

[Mike9241]

it also is not deductible as investment interest since to be deductible as such the money must be used to purchase property held for investment purposes that produces taxable income.