Saturday, October 31, 2009

Is my car loan payment deductible on my tax return?

Given no additional circumstances, the answer is no.



Is my car loan payment deductible on my tax return?

maybe if it's used for business purposes.



Is my car loan payment deductible on my tax return?

NO, but the interest you pay maybe deductable depending on your income level



Is my car loan payment deductible on my tax return?

personal interest is not deductible any more.



Is my car loan payment deductible on my tax return?

Although consumer loan interest has been phased out several years ago, you may be able to take the interest as a deduction if the car was obtained through a home equity loan.



You would not be able to take it as a business expense, because the actual expenses (includes depreciation) on the vehicle for business use would be taken as a deduction.

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