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Is a car loan tax deductible? – Quora – 9 Answers. Actual vehicle expenses. You can deduct interest on an auto loan, registration and property tax fees, and parking and tolls in addition to the standard mileage rate deduction, as long as you can prove that they are business expenses. When leasing a vehicle privately you can still claim work related travel expenses as mentioned above.
Tax-Deductible Car and Truck Expenses – Learn what car-related expenses are tax-deductible, what records to keep, how to report this on your tax return, and this year’s standard mileage rates.. which include parking fees and tolls, interest on a vehicle loan, vehicle registration fees, personal property tax on the vehicle, lease.
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MORTGAGES: HOME LOANS ARE AUTO LEMONS – (MONEY Magazine) – Some financial planners suggest car shoppers borrow by taking out home-equity loans whose interest would be fully tax deductible. Sounds logical, but it’s bad advice. Even though.
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Is Auto Loan Interest Deductible? | Sapling.com – On Schedule C of Form 1040, you can write off the vehicle loan interest as an expense of business ownership if you’re personally liable for repaying the loan. The deduction is limited to your share of the debt if others are liable with you. For example, if you’re responsible for half of the loan and the interest totals $1,000, you get a $500 break.
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Is auto loans tax deductible, if it is made home lien. – · Hi All, Apologies for asking the answer for resolved questions. From the answers it is clear that personal auto loan is not tax deductible. I live in California and I own a home. My credit union says, If I pay $200, then they can make my auto loan as home lien, which will make my auto loan tax deductible.
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