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.
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Most car loans carry terms of two to six years. If interest rates are high when you secure the loan, chances are good they will come down during the term of the loan so you would be better off with an adjustable rate loan. If current interest rates are low, a fixed rate loan would be your best option.
Topic Number 505 – Interest Expense. Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses. Points (if you’re a seller), service charges, credit investigation fees, and interest relating to tax-exempt income, such as interest to purchase or carry tax-exempt securities.
Even if you’re happy with your car loan, it can make sense to refinance. Here are some situations when refinancing is worthwhile: If interest rates are lower now than when you first got your car loan,
If you’re an employee, car loan interest is not deductible, even if you use your personal vehicle only for business purposes. Interest in that case is considered personal interest by the IRS. Self-employed taxpayers may deduct car loan interest, provided they deduct only that portion related to business use of the vehicle.
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People dislike their auto loan payments, but there are ways to slim down the amount of debt.. With this kind of debt, you can kiss your sex drive goodbye. ” They'll look to give you the lowest rate possible so you write it through them.. You'll pay interest on the loan, but some of that is actually put back into.
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No, you can’t write off car loan interest unless the vehicle is used for business use. And then, you can only deduct the interest related to the business use. Bostonian In MO 1 decade ago
When you use a vehicle. truth is that you can deduct almost all of the same car-related business expenses regardless of how you acquired the car. The big difference is that when it comes to.