Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
harr1764
Returning Member

Interest from Personal Line of Credit

What section is the interest from a personal line of credit entered? It seems as if Turbo tax wants me to upgrade to Premium to enter this amount.

1 Reply
_krups_2938
Level 4

Interest from Personal Line of Credit

No, interest expenses from a personal loan or line of credit are not directly deductable in your tax file. 

However, you can reduce the amount of interest you pay on personal credit cards and loans and replace it with the interest you pay on investment loans. You can then deduct the interest on the money borrowed for your investments and reduce your overall taxes.

 

For more information on interest visit, this page of TurboTax: - Is Interest Deductible?

 

Thank you for choosing TurboTax.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

v