can you deduct interest on car loan

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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It doesn’t matter if the interest is paid on a bank loan, credit card, line of credit, car loan, or real estate mortgage. Additionally, if a personal loan is used for business expenses, the interest is also tax deductible. You can deduct interest on a business loan regardless of whether you use business or personal property for collateral.

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The tax code permits deductions only for certain varieties of interest, which taxpayers should consider when they are taking on debt or choosing which loans to pay off first.

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Interest paid on personal loans, car loans, and credit cards is not tax deductible. Someone may be able to claim interest paid on taxes if they take out a loan or accrue credit card charges to.

You may deduct interest on a loan for a car you use in your business. Taxpayers can even deduct the interest if you take out a home equity loan to buy a business vehicle. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.

If you’re hoping to buy a home in the Portland area for $100,000 or less, make sure to factor in expenses beyond paying off.

Mortgage interest You may deduct the interest on loans used to purchase your house, as well as refinanced mortgages. With the latter, you can deduct interest up to the home’s purchase price.

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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.