Is the interest paid in 2007 on a regular loan (not mortgage) TAX DEDUCTABLE for a regular employee?

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The loan was used to live (pay rent, food, etc.) while on parental leave with no income. the second half of the year, after the parental leave, I did work and had income. My question is just regarding the interest paid on that loan. THANKS.

  1. Reply
    April 30, 2011 at 12:33 am

    No. Interest on a personal loan is never deductable. Sorry.

  2. Reply
    April 30, 2011 at 12:56 am

    No it is not. Only interest reported on a 1098 is deductible. Mortgage Interest, Student Loan Interest ETC.

  3. Reply
    April 30, 2011 at 1:15 am

    In Canada for individuals the only loan interest that is tax deductable is loans for investment purposes. Even those loans have rules on them.

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