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tax have exemption on the interest rates on personal loans.
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∙ 14y ago
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Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
Should you use your tax ID or the estate tax ID when selling the house?
Should you use your personal tax ID or the estate tax ID when selling the house of a decendant?
What kind of loans do Tesco Loans offer?
Tesco Loans are generally offered in two different kinds. They offer personal loans and business loans. Once you apply and receive approval you are able to use your loan for anything that you wish to purchase with it.
Where can I get corporate tax software?
Turbo Tax serves as both business, and personal tax software. You can use it for both if you follow the instructions, which are actually pretty easy to use.
Should the apache tribe of Oklahoma use casino or tax money for personal use?
NO
Does Missouri charge a tax on homegrown tobacco for personal use?
no it doesnt
What are the tax benefits of leasing a car?
For personal use? Probably none.
Does tfc banks do auto and home loans?
TCF Bank offers several different types of home loans. For car loans, however, they don't have a specific auto loan, but they do offer personal loans that you can use to purchase a car.
What companies use provident loans?
A provident loan is a personal loan, not a company loan. This makes it impossible to answer this question correctly since there are no companies using these loans.
Can you deduct interest from personal loans?
No way, no how. ----- This answer is incorrect. You CAN deduct interest from personal loans in some circumstances. If you're a business owner and take out a personal loan for business expenses, you CAN deduct the interest as a business expense. If you own a rental property and use a credit card to make repairs to the property or take out a personal loan to make improvements, you CAN DEDUCT the interest from your taxes. The IRS has entire chapters devoted to this topic on its web site. Maybe the confusion is that for tax purposes it is the use of the interest/loan, not if your a Corporation/LLP/Trust/Proprietorship, etc. It is interest for "personal use" that has a problem. Correcting the above, back to the original: The examples given are NOT personal interest. They are loans made for a business purpose. They are loans taken, or expenses, incurred in the course of making taxable income. (Like interest on the margin account on your stock investments may become deductible). The only personal interest that may be deductible is on qualifying mortgages for a house. Interest on a corporate credit card that someone incurred for purchasing say haircuts for their own use, would NOT be deductible.
How does one deal with personal debt loans?
There are several ways to deal with personal debt loans. You can consolidate all of the loans or can use the ladder approach as several famous financial gurus suggest. Pay the highest interest rate first then move on down the ladder to the next highest interest rate.
Can I save money by using free income tax software?
Yes you can in fact save money by using free income tax software. You can use the one available at the H&R Block website.
