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Can you claim your car loan interest at 2008 IRS tax return?
No, personal interest is not deductible...only interest on qualifying home mortgages.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Is the interested paid on a back spousal support payment tax deductible?
Personal interest is not tax deductible
Is home equity tax-deductible?
The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Is interest on a tractor loan tax deductible?
If it is used to produce income from farming/ranching (Schedule F) or your business income (Schedule C) you can deduct it on on the related schedule, otherwise it is personal interest and not deductible. Beware, that the source of the income cannot be classified as a hobby.
Are business loan interest payments tax deductible?
Of course there certain conditions and qualifications...but normally yes.
Are HELOC loans tax deductible?
If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.
Car loans tax deduction?
No. No personal loan interest.
Can the interest charged on your loan principal be deducted for tax purposes?
It varies on the jurisdiction under which the loan was taken out and the purpose of the loan. Generally speaking, if a loan is taken out to benefit a business, the business can claim the interest on that loan as a business expense and offset it against income. A loan taken out for personal reasons, however, does not fit that profile. Interest on a loan taken out for personal reasons, and interest on credit cards, which are basically the same thing, are not tax deductible. In the United States of America, interest you pay on the mortgage of your principal residence could be written off against income. That may not be true any longer. If you have any questions about this, I strongly recommend consulting the tax code of your country, or a competent tax lawyer.
Is a loan tax deductible?
ya
Is interest paid on a non-business SBA disaster loan tax deductible?
Normally yes! Provided the home is used as collateral.
