deduct interest on car loan

The little-known fact is that you still deduct home equity loan interest in certain circumstances.

can i deduct the interest on my car loan if I use. Customer Question.. If you are an employee you cannot deduct car interest as it is considered personal interest. This treatment applies to both the standard mileage and actual expense methods.

Interest in that case is considered personal interest by the IRS. Self-employed taxpayers may deduct car loan interest, provided they deduct only that portion related to business use of the vehicle. Taking the Deduction. To take a vehicle expense deduction for a business, first add the Schedule C – Business Income and Expenses screen to your.

Topic Number 505 – Interest Expense. Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses. Points (if you’re a seller), service charges, credit investigation fees, and interest relating to tax-exempt income, such as interest to purchase or carry tax-exempt securities.

Interest paid on personal loans is not tax-deductible.If you borrow to buy a car for personal use or to cover other personal expenses, the interest you pay on that loan does not reduce your tax.

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 · As a way to score some shiny new wheels, car leasing has a lot going for it. Generally, monthly payments and down payments for a lease are lower than monthly payments on a loan.

After the deduction of my payment of loan in October 2017, my loan account showed a balance again for one more payment, and some additional amounts, close to Dh2,000. Since it was an auto-debit format.

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So if you take out a home equity loan or HELOC to consolidate debt, pay off credit card debt, buy a car, pay for medical expenses, go on vacation, or pay for college, the interest is no longer tax deductible. You can still use the loan proceeds in any way you want, but you will only be able to claim the interest deduction on your federal taxes.

It depends on what you used or are going to use the home equity loan for. Up until the end of 2017, borrowers could deduct interest on home equity loans or.

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