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knutsonck
New Member

Where do I report the interest paid on a FEMA SBA natural disaster loan? My home is collateral, interest should be deductible, no 1098 issued.

 
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1 Reply
JohnB5677
Expert Alumni

Where do I report the interest paid on a FEMA SBA natural disaster loan? My home is collateral, interest should be deductible, no 1098 issued.

SBA disaster loans must be repaid.  It will be posted under:

  1. Deductions & Credits
  2. I'll choose what I work on
  3. Under Your Home
  4. Select Mortgage Interest, Refinancing, ...
  5. Yes you paid a home loan
  6. Enter your lender "FEMA"
  7. Enter info on mortgage ownership
  8. Enter your mortgage interest, Balance due and origination date
  9. Probably no points
  10. Yes, Loan is secured by the property
  11. No, not original loan
  12. A home Equity line of credit
  13. Yes I only used the loan on the home I took it out on

This will complete the posting of the interest.  Gather any supporting data you have to substantiate the interest paid.

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