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are auto loans tax deductible

Instead of taking out a car loan with an interest rate of about 12 percent, he got a $25,000 home equity loan at just 7.5 percent. That saves him more than $100 a month in interest payments. And the.

Kevin Flores has more than six years to pay off the loan on his new Nissan Frontier pickup. That’s more than double the length of the truck’s bumper-to-bumper warranty. And it means the Baton Rouge,

Debt Expenses That Can Be Deducted. Though personal loans are not tax deductible, other types of loans are. Interest paid on mortgages, student loans and business loans often can be deducted on your annual taxes, effectively reducing your taxable income for the year. However, certain criteria must be met to qualify for the above deductions.

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This is because home equity loans typically have lower interest rates than auto loans, and quite often the interest on a home equity loan is tax deductible. If you’re in the market for a new car, the Home Equity vs Car Loan Calculator can help you determine which financing option is most suitable for your needs.

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.

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Ever since Congress started taking the deduction out of auto loans, more and more Americans have used their houses to buy cars. According to the federal reserve board, 28 percent of those who take out.

However, in many cases, other types of loans, such as auto and personal loans. Interest on personal loans is usually not tax-deductible — with some exceptions Once you’ve taken out the loan,

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.