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Updated almost 7 years ago on . Most recent reply presented by

Daniel Rutledge's profile image
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Daniel Rutledge
  • from Anderson, SC
  • Member since Mar 24, 2016
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Daniel Rutledge's profile image
Daniel Rutledge's profile image
Daniel Rutledge
  • from Anderson, SC
  • Member since Mar 24, 2016
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Daniel Rutledge
  • Anderson, SC
40
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91
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Tax, SDIRAs & Cost Segregation

Can I dedect interest from a hard money loan?

Daniel Rutledge
  • Anderson, SC
Posted

Short question: Can the interest from a hard money loan be used for tax purposes the same as a conventional mortgage? What if it is an interest only loan can it all be deducted on your taxes? Thanks for any input!

Sorry for the misspelled word in the subject. I can't seem to edit that part.

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Daniel Rutledge's profile image
Daniel Rutledge's profile image
Daniel Rutledge
  • from Anderson, SC
  • Member since Mar 24, 2016
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Daniel Rutledge's profile image
Daniel Rutledge's profile image
Daniel Rutledge
  • from Anderson, SC
  • Member since Mar 24, 2016
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Daniel Rutledge
  • Anderson, SC
40
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91
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Daniel Rutledge
  • Anderson, SC
Replied
Thank you for the reply. That makes the hard money loan a little easier to digest lol. 

Originally posted by @Ashish Acharya:

@Daniel Rutledge , Yes. if the debt proceeds are used for the business, you can deduct all the interest. It does not matter what kind of loan it is. 

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