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I borrowed money from my 401k to payoff mortgage loan. can i deduct that interest? i am still paying back the loan from payroll deductions
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No, sorry- the interest on a 401(k) loan is not deductible.
Only mortgage interest is deductible. Deductible mortgage interest requires that a residence be collateral on your loan. When you borrow money from your 401(k), your home is not collateral.
Any mortgage interest paid is deductible, but that doesn't include interest on a 401(k) loan.
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