is interest paid on auto loan tax deductible

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If you’ve borrowed to invest but later sell your investment at a loss, and use all the proceeds you have to pay down the loan, the interest on the remaining loan is still tax deductible.

If you use your car for business, you can deduct the interest that you pay on your car loan as an interest expense. You can take this deduction whether you deduct your car expenses using the actual expense method or the standard mileage rate, because the standard mileage rate was not intended to encompass interest on a car loan.

Best Answer: As per Income tax act 1961,if any asset is acquired for business purpose and for that asset a loan is being taken on the same then interest can be capitalised if any interest is paid prior to the purchase of the asset. Hence you can claim depreciation under section 32 in this regard.

The interest that is paid towards your car title loan may be able to provide you with a tax break if you meet certain criteria. Find out how car title loan interest can be tax deductible if you own a business.

Interest on your vehicle loan, did you wonder how to claim it on your taxes? Is it tax deductible? That depends, how is the vehicle is being used? Is it for business or personal use, the tax form on which the expenses are being deducted, and the type of loan you secured. If the loan were a consumer loan secured by

Interest paid on personal loans is not tax-deductible. If you borrow to buy a car for personal use or to cover other personal expenses, the interest you pay on that loan does not reduce your tax.

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The tax deduction for mortgage. In these cases, often interest payments aren’t deductible annually because the loan interest simply accrues against the balance and may not actually be paid annually.

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Sadly, the interest you pay on a personal loan is not tax deductible. What Is a Personal Loan? While you can get a secured personal loan, most personal loans are unsecured , which means the loan is not backed by collateral.

You could therefore deduct 33 percent of the interest you paid on your auto loan over the course of the year, as well as 33 percent of other auto-related expenses such as gasoline, maintenance and repairs.