It is fairly clear that the interest paid on home loan is allowed as a deduction in all cases. However, the interest paid on car loan is not allowed as an expense in all cases. It is only allowed to be treated as an expense where the Car is being used for Business purposes. If a Salaried person takes a Car Loan, then he cannot claim the Interest on Car Loan as an expense. Therefore, there would no treatment of the interest paid on Car Loan by the Salaried Employee.
car loan interest would be deductible if the vehicle was used for self employment, or in the service of an employer, but it is not deductible for personal use.
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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deducting car loan Interest | H&R Block – Lean more about deducting car loan interest with help from the tax experts at H&R Block. Interest paid on personal loans is not tax-deductible. If you borrow to buy a car for personal use or to cover other personal expenses, the.
Interest paid on personal loans is not tax-deductible. If you borrow to buy a car for personal use or to cover other personal expenses, the interest you pay on that loan does not reduce your tax.
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.
Some interest can be claimed as a deduction or as a credit. To deduct. Interest paid on a loan to purchase a car for personal use. Credit card.
Unless you’re a business owner, you generally cannot deduct the interest on a vehicle loan because the Internal Revenue Service treats it as "personal." Even if you can’t claim the interest, your vehicle can bring tax relief through other deductions.
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