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nikki-kiesow
New Member

Where do I enter interest paid on a personal loan? Do I have to enter it?

 
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JohnR1
New Member

Where do I enter interest paid on a personal loan? Do I have to enter it?

No - interest paid on a personal loan is not a deductible expense. Only mortgage interest (interest on a loan secured by the mortgage on your home), or interest on a student loan, is deductible

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2 Replies
JohnR1
New Member

Where do I enter interest paid on a personal loan? Do I have to enter it?

No - interest paid on a personal loan is not a deductible expense. Only mortgage interest (interest on a loan secured by the mortgage on your home), or interest on a student loan, is deductible

lap
New Member

Where do I enter interest paid on a personal loan? Do I have to enter it?

So the person receiving the interest payment has to report it on a 1099-INT but the person paying it does not have to show it anywhere?  Would that be correct?
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