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.