claim interest paid on loan from 401k on tax reports?

[Don Spafford]

I searched the forums but could not find this exact question.

I borrowed from my 401k to use as a down payment on a rental property and now pay that back monthly with interest. I believe for 2017 anyway, I can claim that interest paid as an expense on the rental, right? Just include it on Schedule E along with the mortgage interest amount? Or as some other interest? But from what I understand interest amounts claimed will be limited for 2018 forward, right?

[Michael Plaks]

@Don Spafford

Use Sch E, line 13 "other interest" instead of line 12 "mortgage interest."

There're no changes for 2018. The tax reform limited interest deductions for personal properties, not investment properties.