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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American Nationwide Mortgage Company, Inc

Address: 307 E 2nd St Ste 230 , Newberg, OR, 97132

Office Phone: (888) 660-2842

Cell Phone: (503) 421-0096

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Relevant news and information about issues relating to Oregon and Southern Washington mortgages and real estate. I am not an attorney or a Realtor and these views should not be considered as legal advice. Licenses: OR ML3259 WA--510-LO-51175
Larry H. Morris  CMPS
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