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Car loan interest is tax deductible only if you’re a business owner or self-employed and use the car for business purposes. If you’re an employee, you can’t deduct any interest paid on a car ...
The former president on Thursday proposed making interest on auto loans tax-deductible, an idea that is similar to the mortgage interest deduction, which allows some homeowners to reduce their ...
Personal loans: If the proceeds from a personal loan are used for business needs or expenses, the interest is tax-deductible. If you use just a portion of a personal loan for business expenses and ...
The 1986 Act limited interest expense deductibility to mortgage interest, as well as interest on home equity loans. Car loans: You can get a car with a bad credit score, but it could cost $10,000 more
For tax year 2024, the standard deduction is $29,200 for married couples and $14,600 for individuals, meaning any taxpayer who hopes to take advantage of Trump's proposed car loan interest break ...
The plan on car loans - which would treat interest paid on vehicle loans like home mortgages on federal tax returns - is the latest in a long string of potential tax cuts the former U.S. president ...
Allowing car loan interest to be tax deductible “will encourage people to take out more debt on an expensive depreciating asset by stimulating demand for cars,” Lincicome explained, adding ...
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