My wife and I bought a townhouse unit next door using funds partly from a mortgage type loan. Can the interest be deducted?
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1 Best answer
fuzzy
New Member
Oct 29, 2019 8:03:25 PM
Sorry, but this is considered a personal expense and therefore is not deductible. Only interest paid on a loan or mortgage that was used for income producing purposes can be claimed.
2 Replies
william12
New Member
Oct 29, 2019 8:03:24 PM
The unit we bought is not for rent but until our present unit sells the costs are tough.
fuzzy
New Member
Oct 29, 2019 8:03:25 PM
Sorry, but this is considered a personal expense and therefore is not deductible. Only interest paid on a loan or mortgage that was used for income producing purposes can be claimed.