Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
N
nancygreco777
May 23, 2025
Question

Can interest the interest on a personal loan against a home (instead of a mortgage from a bank) be deducted?

  • May 23, 2025
  • 2 replies
  • 0 views
No text available

    2 replies

    B
    Bsch4477
    May 23, 2025

    No deduction unless the loan is secured by a lien on your home and that is clearly documented. 

    O
    Opus 17
    May 23, 2025

    To be counted as a deductible mortgage, the loan does not have to be made by a bank, but the loan must be secured by the home.  The generally means that you signed a promissory note allowing the lender to take your home if you fail to make payments, and (depending on state law) the note must be "perfected" by being filed as a lien against the property at the county clerk's office where deeds and titles are recorded. 

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification