Can you deduct interest froman auto loan on your taxes?
Deal Score0
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.
NO…and in case you think you can…NO !
No, not since 1986.
Not since Ronald Reagan was in office… He well reformed the income tax laws… Thanks Reagon!
no… shame huh?
would be nice to be able to do that… I too have interest on my car.
No, not for your personal car.
You can only deduct your mortgage interest if you itemize.