is interest on car loans tax deductible

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Can a Personal Auto Loan Be Tax Deductible? | Pocketsense – Personal auto loans are never tax deductible unless you use your car for business purposes, and even then only a portion of your car loan interest is deductible. This portion is limited to the amount or percentage you use your vehicle in the course of conducting business, and not the total amount.

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Ask Mint Money | If car used for business, you can claim deduction on loan interest – There is no deduction available on repayment of interest on a loan taken for acquiring a motor car for personal use. However, in case the car is owned and used for business purposes, you shall be.

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is interest paid on auto loan tax deductible Trust loan’s mortgage interest is deductible – My only issue to still resolve is to make sure that I can deduct the interest on the loan. This is not a gift – I will. $26,305 was taken from her pay, after tax, for her retirement. She received f.

Is Car Loan Interest Tax Deductible? – CarsDirect – Prospective car buyers looking for a way to make auto loan payment interest tax-deductible have to find a way to fit it into one of the categories below. One of the most common ways to do this is to detail the auto line as a business expense. When doing this, the usual standards apply: the driver.

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Is Car Loan Interest a Tax Deduction? Find Out HEre – Car loan interest is tax deductible for commercial loans When you take out car finance to purchase a vehicle for use in your business, the interest you pay on the loan is a business expense. This means that you can claim a tax deduction based on the proportion that business use makes up the total use of the vehicle.

Deducting Car Loan Interest | H&R Block – 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.