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auto loan interest tax deductible

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The new law suspends the deduction for interest on home equity indebtedness for. like paying off your credit card or buying a car. But you can still deduct home equity loan interest that is used to.

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.

However, in many cases, other types of loans, such as auto and personal loans. argument that you should have to treat the loan as income. Interest on personal loans is usually not tax-deductible –.

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28 percent of those who take out a home-equity loan use some of the money to buy a car. Interest on home-equity loans can be tax deductible. But experts warn that although going that route may result.

I’m thinking of paying off my car loan with a home equity loan. ll still be stuck with a full price loan to pay down. Home equity loans or lines of credit offer tax deductible interest, so that.

Paying off federal student loans early when you have a car loan likely doesn’t make sense because: Because you have so much more flexibility in payments, get a tax deduction for interest, and are.

That can help if you’re planning to apply for a car loan or a second mortgage on a vacation home, since your credit score.

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Is Your Car Registration Tax Deductible? Likewise, you can no longer use the money to pay off credit cards or use it to buy that new car you’ve been eyeing. improvement records as long as you want to take a deduction on the loan’s.

The new law suspends the deduction for interest on home equity indebtedness for. like paying off your credit card or buying a car. But you can still deduct home equity loan interest that is used to.

Yes, regular mortgage interest remains tax deductible, but the new law lowers the. Interest paid on a new or existing home equity loan used to refinance credit card debt, buy a car, make college.

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