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b2cperson
New Member

Is interest from Unsecured loan to build an inground pool deductible

In 2015 we got an unsecured loan to build a permanent in ground pool. The work was all completed in 2015. Can I deduct the interest paid in 2015 since this was an improvement to our home? This was not a home equity loan, instead it was from a private lender and was unsecured.
1 Reply
MargaretL
Employee Tax Expert

Is interest from Unsecured loan to build an inground pool deductible

Unfortunately, interest on a personal loan is not tax deductible.

The cost of improvement, however, can be added to your original cost of the home (in your records, not tax return) reducing any future profit on the home sale. Please be sure to keep the cost of the improvement for your records.

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