Can I deduct interest I paid on loans I made and received income from in 2024?

[rexlcarter]

Where do I enter info for Form 4952?

[LeticiaF1]

If you made interest income from loans you made to someone else.  That interest you will have to enter it as income on your 2024 return.  Where do I enter Form 1099-INT?

If you had interest that you paid to finance investments like margin interest, your broker charges you on loans to buy stocks. If you have an investment interest expense, you can deduct it up to the amount of your net investment income.  This type of investment expense can be entered as part of your federal return, but it won't affect your federal return at all.  It may be a deduction on your state return, depending on your state.

This deduction for your federal was eliminated by the Tax Cuts and Jobs Act passed in 2017 for tax years 2018 through 2025.  To enter your investment expense in your return:

1. Go to Deductions and credits
2. Other deductions and credits
3. Other Deductible Expenses, then click Start/Update
4. Answer 'no' to the next question, then 'yes' 
5. Enter your information

About Form 4952, Investment Interest Expense Deduction

What Are Deductible Investment Interest Expenses?