auto loan interest tax deduction

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f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your. as home acquisition debt. The interest on that amount of the new loan qualifies.

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The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

“Provisions of tax deductions on payment of home loan interest and principal are per person and not per home. So, if there are two co-owners, the deduction limit doubles,” said CA Karan Batra, Founder.

Car loan interest would be deductible if the vehicle was used for self employment, or in the service of an employer, but it is not deductible for personal use.

Do I deduct the interest paid on a car loan? Interest on a personal automobile loan is not deductible. 0 102 Share. Reply. About. How TurboTax works; Why choose TurboTax. Deluxe Tax Prep to maximize deductions; Premiere investment & rental property tax prep; Self-Employed tax prep;

The tax rules offer a choice of vehicle expense deduction methods, and if you itemize the vehicle expenses, a portion of a lease payment can be used as a business expense. A regular vehicle loan.

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Yes, a Car Loan can help you save on tax if you are a self-employed professional or business owner and use the car for business purposes. But a salaried employee cannot claim tax deductions on Car Loan interest repayments like with a Home Loan.

You might also recoup some of what you spend on auto loan interest by using another method at tax time. The standard mileage rate method allows you deduct 53.5 cents per mile driven for business purposes in 2017, and 54.5 cents per mile in 2018. But again, you would count only business miles, not your overall total.

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Car Loans. 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.

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