You can indicate in the Home Mortgage Interest deduction section. You must make sure that the loan qualifies- most SBA loans are NOT secured by your home. You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt; Provides, in case of default, that your home could satisfy the debt; and Is recorded or is otherwise perfected under any state or local law that applies.In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you can't pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt.Source: Debt not secured by home.

Question

I paid interest on a disaster loan from the SBA on personal home. SBA does not provide 1098 Where do I report the interest that was paid.

Forum|Forum|1 year ago
March 29, 2025
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MAK70

You can indicate in the Home Mortgage Interest deduction section. You must make sure that the loan qualifies- most SBA loans are NOT secured by your home.

You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:

Makes your ownership in a qualified home security for payment of the debt;
Provides, in case of default, that your home could satisfy the debt; and
Is recorded or is otherwise perfected under any state or local law that applies.

In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you can't pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt.

Source: Debt not secured by home.