If I refinance my bank loan through an individual investor, can I still deduct the interest on my federal taxes?
I am considering refinancing my bank loan on my home with an individual investor. Can I deduct the interest on my taxes? If so, what type of transcation or documentation must I complete to ensure I can deduct the interest? by noel.laroque from Boise, Idaho. Sep 24th 2009
Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions
This is a question for your CPA. If you don't have one you can look up one in your area free of charge at CPA Directory - http://www.cpadirectory.com Search free for a CPA by state - 450,000 Certified Public Accountants and CPA Firms searchable by name, location and industry focus.
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
You shoule be able to deduct the interest. All you need is a valid promissory note that outlines the loan amount, interest rate you will be paying and the term.
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