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M
mdlorimer
April 9, 2021
Question

A personal loan was repaid in full with interest; where does the interest amount appear?

  • April 9, 2021
  • 1 reply
  • 0 views
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1 reply

Carl11_2
Carl11_2
Employee
April 9, 2021

Nowhere. Interest you pay on a personal loan is not deductible and never has been. Only interest paid on a secured loan (namely, a home mortgage) are deductible as an itemized deduction on SCH A. Itemized deductions make no difference to your tax liability until they exceed your standard deduction.

 

 

    S
    SweetieJean
    Employee
    April 9, 2021

    Or are you the one who received the interest?

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