Question

Interest from Personal Line of Credit

Forum|Forum|3 years ago
April 21, 2022
1 reply
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What section is the interest from a personal line of credit entered? It seems as if Turbo tax wants me to upgrade to Premium to enter this amount.

TurboTax Online Standard

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No, interest expenses from a personal loan or line of credit are not directly deductable in your tax file.

However, you can reduce the amount of interest you pay on personal credit cards and loans and replace it with the interest you pay on investment loans. You can then deduct the interest on the money borrowed for your investments and reduce your overall taxes.

For more information on interest visit, this page of TurboTax: - Is Interest Deductible?

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