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Turned mortgage into personal loan several years ago. Don't…

Customer Question
Turned mortgage into personal...

Turned mortgage into personal loan several years ago. Don't know what I should be answering regarding this I . pay 10.5 interest. on personal loan.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The sale of the house was cancelled and I do not own the real estate, just the house. Time were tough back in 2008.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I have never claied the personal loan interest that I am still paying. Lost a lot of money back in 2008 or 2009.

Submitted: 4 months ago.Category: Tax
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3/20/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,424
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Personal loan interest is not deductible. The loan must be secured by real property, i.e., a mortgage.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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