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Updated about 3 years ago on .
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Is personal loan deductible if it’s used for house repairs?
One of my properties has been hit with some code violations since it’s a pretty old house. Approximately 50-70k will be needed to get it up to code.
If I were to get a personal loan to pay for the these home repairs, would the material & labor expenses, paid with the loan, be fully tax deductible?
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Originally posted by @Josh Gardere:
One of my properties has been hit with some code violations since it’s a pretty old house. Approximately 50-70k will be needed to get it up to code.
If I were to get a personal loan to pay for the these home repairs, would the material & labor expenses, paid with the loan, be fully tax deductible?
Yes, but you have to structure and track the expenses correctly especially if you have legal entities.
- Ashish Acharya
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