can i deduct interest on car loan

Can You Deduct auto loan interest From Your Taxes – CarsDirect – Auto loan interest can add up to quite a bit over time, so you might wonder if this charge is tax deductible. After all, interest on student loans is deductible under certain circumstances, and so is interest up to a certain amount on homes.

Self-employed taxpayers may deduct car loan interest, provided they deduct only that portion related to business use of the vehicle. Taking the Deduction.

Can you deduct interest paid on an car loan from your. – · If your brother is in the business of farming, his equipment is business equipment and the interest is a business expense. If your vehicle is used for business, you can deduct finance charges (a portion based on your business usage) on your car loan if you are self-employed.

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Car loan interest can add thousands of dollars to the price of a new car or truck. So, being able to deduct the interest on your taxes can help reduce the overall cost of ownership. Can I Deduct My Property Insurance on My Federal Income Tax? – Your house payment might include more than just payments for your mortgage loan. Most lenders.

Is Car Loan Interest Tax Deductible? If you need a vehicle for work and you’ve bought it on a business car loan, interest payments can be a major outlay. If the car’s just for personal use, you won’t be able to claim this money against tax.

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The answer generally is yes. If you family uses a rental property for personal use, it would be deducted on your Schedule A but for rental properties any interest paid against the rental property, even a HELOC is deductible. But it is best to consult with your tax accountant for specifics about this question.

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Interest is tax deductible! 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, right? But your debts may actually help keep.