Can you write off the interest from a secured personal loan?

Answer 1

Answer What fully know about usuary.Hi, you can write it off legally if it is a real IRS deductable item you loaned for. However you must consider that the money we use today is fractional reserves and or ultri-vires of the banks liabilities (that includes all banks credit unions etc.So we have a false money problem and then if we had a honest money system such as dollars backed by so many ounces of gold. Then you must also consider if you are a person to follow not chargeing interest to your fellow eternal brother or sister in the Lord.For Yahway comanded us not to charge usuary or to pay it. Only old Israel could charge it to say the Amalakites. But today after grace and the cross anyone chargeing or paying interest is told it is the wrong thing to do if you are conected to christ. It is the modern HOLY ONE of Israels command to us. If i were you i would not judge myself unwothy of etenal life by a litle leaven or sin.ACTS 17-30 The times of this ignorance god winked at but now comandeth all men everywhere to repent.Every idle word that a man says he wil give an account to god in the day of judgment let alone chargeing interest. Good advise, Rick brandt,P.S. See you in heaven.Acts 2-38. WowI have no idea what the previous was about.

But, for tax or financial book keeping purposes, you can only write off, that is take as a loss - make it as as if the business event didn't happen - a recievable (interest or otherwise), that you had already reported as income. Which sort of makes sense if you think about it. (So for a normal person or small business, the interest you may have received in future years, and reported and paid tax, etc on then, cannot be written off or taken as a loss before then).