can you deduct interest paid on a car loan

can you claim interest on a car loan when filing your. –  · The car loan needs to be business related. No way to deduct any personal car loans anymore. Only exception: You use a home equity line of credit to pay for your car and deduct interest.

Yes, you can still deduct interest on home equity loans. – If you did not spend the proceeds to buy or improve your first or second residence, the answer is no, because you can no longer deduct interest on a mortgage loan that is classified for tax.

Deducting Business-Related Interest Loan Payments | Nolo – 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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Deducting Interest Expenses on Your Business Taxes – Interest expenses for personal loans are not deductible, except for mortgage loan interest. But if you have a loan for mixed business and personal expenses , you may deduct the portion that is for business purposes.

Why you should pay off your car loan ASAP | Fortune – You may not save a huge amount on interest, but you’ll free up cash in your budget every month. Let’s say you have $3,000 left on your car loan, and you pay it off in one shot with a windfall (very possible, as the average tax refund this year is very close to that number). Then you invested the $471 every month,

Understanding the Mortgage Interest Deduction | The Official Blog of. – The Mortgage Interest Deduction allows you to reduce your taxable income by the amount of interest you paid on a qualified residence loan.. Couples filing separately can deduct interest on up to $375,000 of qualified debt.. Electric Car Tax Credit: Help the Environment and Your Wallet; Woman filing.

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Can you deduct interest paid on an car loan from your taxes. – However, if you own a business, which in turn, owns the car, the business can deduct the interest paid. Also, you can deduct the interest paid on the car if it’s investment property, like a collectable car.

Deducting Car Loan Interest | H&R Block – Answer. Typically, deducting car loan interest is not allowed. But there is one exception to this rule. If you use your car for business purposes you may be allowed to partially deduct car loan interest as a business expense. If you use your car for business purposes, you may be able to deduct actual vehicle expenses.