Personal Interest Expense

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Personal Interest Expense

Personal Interest Expense means:
any interest that is not home mortgage interest, investment interest, or business interest. The deduction for personal interest expense was gradually phased out by the 1986 Tax Reform Act and completely eliminated after 1990.

Description and Definition of Personal Interest Expense

Non-deductible interest on personal loans and consumer purchases. Interest expense other than home mortgage interest, investment interest, or business interest. Included is interest you pay on credit cards, car loans, life insurance loans and any other personal borrowing not secured by your home.

Resources

See Also

Further Reading

Related Entries in the American Tax Encyclopedia:

  1. Transitional Rules
  2. Home Mortgage Interest
  3. Mortgage Interest Deduction
  4. Investment Interest Expense
  5. Interest Deductions
  6. Commuting Expense
  7. Interest
  8. Qualified Residence Interest
  9. Personal Exemption
  10. Moving Expense Deduction
  11. Personal Holding Company
  12. Personal Liability
  13. Consumer Interest
  14. Second Home
  15. Unreasonable Expense
  16. Education interest
  17. Medical Expense Deduction
  18. Tax Deduction
  19. Deductions
  20. Mortgage
  21. Mortgage Bond
  22. Personal Property
  23. Funeral Expense
  24. Personal Injury Exclusion
  25. Mortgage Prepayment Penalty

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