While your personal car isn’t eligible to be a tax-deductible expense, there is a way to claim the interest on your car loan as a tax-deductible expense. Whether you have good credit, bad credit, or no credit, if you have equity in your house, you can turn the interest you pay on your car loan into a tax-deductible expense.
You can avail deduction on interest paid towards home loan. An individual who has taken loan for the second house is eligible to claim deduction, under Section 24 for the interest he has paid towards.
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Auto loan interest can add up to quite a bit over time, so you might wonder if this charge is tax deductible. After all, interest on student loans is deductible under certain circumstances, and so is interest up to a certain amount on homes. If you’re reviewing your personal finance for deductibles.
You can’t claim a tax deduction for any part of a car loan if you use the vehicle solely for personal driving, but you can deduct a portion of the interest on Schedule C if you’re self-employed and use the vehicle at least in part for purposes related to your business.
Best Answer: Generally unless the car is used in the course of carrying on a business, you will not be able to deduct the interest on the loan. You can deduct interest on a mortgage loan or a home equity loan but not loans on personal property for personal use.
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Of course, the maximum you can claim as a deduction per year continues to be 2 lakh, in case of self-occupied property 3. Interest on a loan taken from an employer, friend, or even private lender is.
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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. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.
On your 1040 form you’ll enter the amount of loan interest you’ve paid, up to $2,500. The student loan interest deduction is claimed as an adjustment to income, which means you can still claim it even.