Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

I borrowed money from my 401K to pay cash for a house in 2011. I pay the money back into my 401K with interest. Can I use this interest as a deduction on my federal tax return?


ANSWER


The BIDaWIZ Team's Answer:

Unfortunately, interest on a 401K loan is not tax deductible, even if you borrow to purchase your primary home.

The BIDaWIZ Team

 

 

  • Currently 4.6190/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1547 Ans.