I have 20 % intrest rate on my auto loan. (Yes i had Credit troubles in the past) Anyway i paid nearly 2000.00 in interest last year is that deductable? I know i can use my mortgage interest. But i was curious about the auto loan.
not any more. They cut that out a few years ago.
Can you deduct interest froman auto loan on your taxes?
By admin in auto loan
Nov
10
Comments
not any more. They cut that out a few years ago.
References :
NO…and in case you think you can…NO !
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No, not since 1986.
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Not since Ronald Reagan was in office… He well reformed the income tax laws… Thanks Reagon!
References :
http://www.ColaTax.com
no… shame huh?
would be nice to be able to do that… I too have interest on my car.
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No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
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