can i claim interest paid on a car loan


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14 people found this helpful. No, interest on a personal car is not tax deductible. Only if the car is used for business, the business portion of interest can be.

Buying a car is costly, and most people can’t afford to pay for one outright. Instead, a borrower will finance the purchase by taking out a loan that must be paid back with interest in monthly installments.

Secured loan. With secured loans you offer an asset, such as the car you are buying, as security for the loan. If you don’t make repayments, the credit provider can repossess and sell your asset to.

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.

Many of us need to borrow money to finance various aspects of our lives, whether it’s buying a home, getting a car. interest, the IRS does let you deduct interest on mortgages and business loans..

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Paying off debt with a home equity loan rather than credit cards can put. Credit card interest is not deductible, but home equity interest is using a Schedule A. 4.. If you use your car for trips to the doctor, keep a record and deduct 10 cents a.

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Security interest is a legal claim. a loan. The borrower provides the lender with a security interest in certain assets that can be repossessed if the borrower stops making loan payments. The.

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