can you deduct car loan interest

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You can deduct these items because they do not factor into the standard mileage rate amount. What car loan interest is tax deductible? You may deduct interest on a loan for a car you use in your business. Taxpayers can even deduct the interest if you take out a home equity loan to buy a business vehicle.

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Interest paid on a new or existing home equity loan used to refinance credit card debt, buy a car, make college tuition payments, or for any other purpose, however, will not be deductible. Given the.

You can also write off interest that you incur when purchasing a business. Unfortunately, this tax deduction is a little bit less cut-and-dry than business or car loan interest. When you borrow money to fund the purchase of another business, or even a small percentage of another business, the interest accrued on that loan can technically be.

If you are self-employed you can take a percentage of the interest equal to the business use percentage on Schedule C. If you are an employee you cannot deduct car interest as it is considered personal interest. This treatment applies to both the standard mileage and actual expense methods.

There may be times you can claim IRS car tax deductions for interest paid on a car loan to help lower the amount of federal taxes you owe. car loan interest can add thousands of dollars to the price of a new car or truck. So, being able to deduct the interest on your taxes can help reduce the overall cost of ownership.

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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.

Getting tax breaks from an auto loan depends on how you use the vehicle you buy. 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.