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Home loan interest portion is deductible (under section 24(b)) up to 150,000 rupees in a tax year for acquiring or constructing a property. The deduction is available only when the construction is complete or the owner takes possession of the property. Interest of pre-construction period is deductible in five equal installments.
Car loan interest is tax deductible, but only if you're a business owner or self-employed. Find out how to file your taxes if you own a car for business.
Auto loan: The interest on auto installment loans is tax deductible if the vehicle is used for business. If the vehicle is used exclusively for business, you can deduct all of the interest.
Learn whether paying principal lowers your monthly car payments, find out what paying extra in principal offers, and discover other methods to lower payments.
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a ...
In effect, selling a bond at a discount converts stated principal into a return on investment, or interest. The accurate determination of principal and interest is necessary in United States tax law to determine the basis of property and to determine whether an amount paid is deductible and includible as interest, or simply a nontaxable debt ...
Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax-deductible under certain circumstances.
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 ...