can you deduct auto loan interest on your taxes

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Student Loans: Here’s How To Save Money On Your Taxes –  · The student loan interest deduction is an "above the line" tax deduction, and it can be taken whether you choose the standard deduction or itemize your.

2 Minute Tax Tip: Writing Off Auto Expenses How the new tax law will affect your home equity line of credit and second mortgage – The recent Tax. you may deduct the interest owed on loans of up to $750,000 for married couples. That means that you can deduct interest on loans that in the aggregate do not exceed $750,000 if you.

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I bought a new car in 2016, can I deduct sales tax I paid at. – Yes, you can deduct sales tax if you itemize your deductions and are claiming a state sales tax deduction (as opposed to a state income tax deduction). As for the interest on a personal auto loan, you will not be able to claim a deduction for this interest.

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10 things you probably didn’t know you could deduct on your taxes – According to Greene-Lewis, car registration on your personal vehicle is also deductible as an itemized deduction. If you. can also deduct loan interest up to $750,000, or $375,000 if married and.

What Car Expenses Are Tax-Deductible? – NerdWallet – The IRS usually doesn’t allow a tax deduction for: The personal use of your vehicle. Your daily commute to the office, even if you’re working on the way. Parking at your regular place of business. Tickets or fines related to your driving. Interest on your car loan, if you’re not self-employed. Mileage or expenses your employer reimburses.

Can I Deduct My Property Insurance on My Federal Income Tax? – Your house payment might include more than just payments for your mortgage loan. business use of your car. You have to itemize your deductions if you want to claim your home mortgage interest and.

uber driver car loan intrest, can I claim it – TurboTax. – If you are an employee, you can’t deduct any interest paid on a car loan. This applies even if you use the car 100% for business as an employee. However, if you are self-employed (italics and bold added) and use your car in your business, you can deduct that part of the interest expense that represents your business use of the car.

Yes, you can still deduct interest on home equity loans under. – If you did not spend the proceeds to buy or improve your first or second residence, the answer is no, because you can no longer deduct interest on a mortgage loan that is classified for tax.

Your 2019 Guide to Tax Deductions – For example, if you pay $2,000 in tax-deductible student loan interest, this means your. If you pay property tax on a home, car, boat, airplane, or other personal property, you can count it toward.