CHAPTER 15Itemized Deduction for Interest Expenses
On Schedule A (Form 1040 or 1040‐SR), you may deduct three types of interest charges:
- Interest on qualifying home acquisition loans (15.2) and home equity loans that qualify as home acquisition loans (15.3)
- Points (15.7)
- Investment interest, but only up to the amount of net investment income (15.9).
Premiums paid in 2022 for qualified mortgage insurance on a principal or second residence are not deductible as interest unless Congress retroactively extends the law that allowed the deduction for prior years (15.5).
Interest on personal loans (such as loans to buy autos and other personal items and credit card finance charges) is not deductible with the exception of qualifying student loan interest; see Chapter 33.
Interest on loans for business purposes is fully deductible on Schedule C. Interest on loans related to rental property is fully deductible from rental income ...
Get J.K. Lasser's Your Income Tax 2023, 2nd Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
