Can I Deduct Interest On A Car Loan

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The cost of a vehicle is not a deductible expense, but the IRS does allow you to write off any interest payments made on a loan for the purchase. In addition, loan interest is one of the few expenses you can deduct in addition to the standard mileage deduction (the others are registration fees, tolls and parking charges).

Getting tax breaks from an auto loan depends on how you use the vehicle you buy. Unless you’re a business owner, you generally cannot deduct the interest on a vehicle loan because the Internal revenue service treats it as "personal." Even if you can’t claim the interest, your vehicle can bring tax relief through other deductions.

Is the interest on a home equity loan tax deductible? find out the conditions under which you can get a home equity loan tax deduction.

New Delhi, Jul 5 () The government on Friday proposed to provide additional income tax deduction of Rs 1.5 lakh on the interest paid. up to Rs 1.5 lakh on loan will make such vehicle affordable for.

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And, Steber notes, student loan interest of up to $2,500 is still. says Greene-Lewis. Can you deduct expenses for a personal business – like a home office or a car? “If you were a self-employed.

Personal auto interest is not deductible. Get the help you need with TurboTax Support. Find TurboTax FAQs, ask a question in our community, chat with agent, or give us a call.. can I deduct interest paid on a car loan for 2016? Comment.

We are looking to purchase a used car. 5% interest on money you don’t need to borrow. Second, a credit score of 798 (out of 850) is pretty darn good – it’s A-plus. And it’s going to get you any.

If you use your car for business, you can deduct the interest that you pay on your car loan as an interest expense. You can take this deduction whether you deduct your car expenses using the actual expense method or the standard mileage rate, because the standard mileage rate was not intended to encompass interest on a car loan.

Why Cloth Car Seats Are Making a Comeback. The Loan Interest You Can-And Can’t-Deduct on Your Taxes. By. Bill Bischoff. Feb 19, 2015 12:35 pm ET Debt and taxes. They’re both too high.