Real estate blog entries tagged with loans by Larry Morris, Oregon Mortgages (HomeStreet Bank)

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loans: Unsecured Loans NOT Tax Deductible - 05/08/07 08:46 AM

A loan to assist on a mortgage that has not been recorded at Title and secured by the property has been determined by the IRS to not be tax deductible for the borrowers. It is considered a personal loan. The Interest earned by the Sellers IS taxable.
From IRS Publication 936 (2006)
Secured … (0 comments)

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Larry Morris, Oregon Mortgages

Sherwood, OR

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HomeStreet Bank

Address: 16200 SW Pacific Highway, Suite Z-3, Tigard, OR, 97224

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