SBA Loan Question (1 Viewer)

[Beast]

Does anyone know if you can claim the interest on an SBA disaster loan for personal property on your income taxes? Just curious..

 

[V Chip]

I'm not sure, but I wanted to say this:

SBA Loan : allsome!
SBA people you have to deal with to get said SBA loan : allsomely inept!!

 

[Goats]

Personal Property = No
Residence = Yes

 

[Beast]

Yeah, I found this link after posting the thread:

http://www.fema.gov/news/newsrelease.fema?id=15171

It states that if the loan is secured by your primary residence then the interest is tax deductible..

The only issue is do I get a 1098 from them? I haven't yet.. Do I have to request it?

VChip, I can agree with you for the most part on that.. Initially I had an awesome SBA Loan Officer.. He was working his butt off for me, constantly calling me with updates and getting information from me.. Then he got promoted (of course), and my case got left on his desk or in a box somewhere for 3 months.. I got another loan officer who wasn't as in touch, but I still got the loan done about 9 months after starting the process.. At times it was like pulling teeth from a stubborn hippo, but overall, it was good.. I'm sure they just weren't prepared for the flood (bad pun I know) of applications..

 

[Sandman]

I'm not sure, but I wanted to say this:

SBA Loan : allsome!
SBA people you have to deal with to get said SBA loan : allsomely inept!!

Well, my brother works for the SBA, and he has told me a lot of stories about it. Mainly, they are woefully understaffed. Despite this, the "higher ups" keep demanding more and more from them. This causes a lot of turnover which results in files being shifted around and more delays.

Add to that truly inept political appointees (I am sure y'all are shocked that a Bush political appointee would be inept) that want reports to show certain things rather than actually doing something to make that happen, and you get more delays.

 

[V Chip]

Yeah, our case had probably 5 different case managers, and every time we got a new one it was just like starting all over again (I can't tell you the number of times we had to re-tell them that we were not planning on restoring the destroyed property). We finally got one guy who stayed with our case and saw it through (Andy Edmonson, I'll always remember his name) and got our check about 1 year and 4 months after we started the process.

Course then we sold the old property/land and had to deal with them all over again...

Yeah Sandman, the people there would tell us about the turnover -- people would leave or be moved to different divisions after only a couple months. I about cried when I tried to call Andy Edmonson back during the selling portion and he had gone on to another position.

 

[Beast]

Yeah, our case had probably 5 different case managers, and every time we got a new one it was just like starting all over again (I can't tell you the number of times we had to re-tell them that we were not planning on restoring the destroyed property). We finally got one guy who stayed with our case and saw it through (Andy Edmonson, I'll always remember his name) and got our check about 1 year and 4 months after we started the process.

Course then we sold the old property/land and had to deal with them all over again...

Yeah Sandman, the people there would tell us about the turnover -- people would leave or be moved to different divisions after only a couple months. I about cried when I tried to call Andy Edmonson back during the selling portion and he had gone on to another position.

Sounds like we had similar experiences.. I worked with my first case manager for a few months, knew his extension and name by heart, and was devastated when he told me he was getting moved to another group.. Then I had to re-fax almost all of the information I had already sent them to my new case manager.. And had to continually explain, like you, that I wasn't planning on restoring my property, but buying new property with it.. Luckily I had already sold the old property before I closed on the loan and didn't have to deal with that much, other than constantly having to re-explain to them that fact..

 

[Beast]

So does anyone know if we'll receive 1098-INT forms from them or what?

 

[Beast]

Well, found the answer myself.. My interest paid amount for 2007 was on my January 2008 payment due statement.. Just thought I'd post this for others..