0
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.
What else can I help you with?
What are good interest rates for bank loans in 2013?
What qualifies as a good interest rate depends on the loan. There are car loans, mortgage loans, home equity loans and personal loans. The interest rate for each loan differ.
How can I obtain personal loans without interest?
Obtaining personal loans without interest is typically not possible through traditional lenders. However, you may consider borrowing from friends or family, utilizing interest-free credit cards, or seeking out non-profit organizations that offer interest-free loans.
Where can one go for low interest personal loans in Halifax?
To find low interest personal loans in Halifax, one should visit the local banks of the area. For example, try Natwest, Nationwide or Santander and compare their loans.
Is the interest rate high for asda loans?
ASDA loans are divided into two categories based on the amount borrowed. These categories are Little Loans and Personal Loans. The average interest rate is about 8% which is not bad but interest rates can be as high as 15% and more.
What is the interest rate on the sbi personal loan?
SBI (State Bank of India) offers personal loans as one of their products. The interest rate on a personal loan from SBI (State Bank of India) depends on the applicants credit, amount borrowed, and collateral. Personal loans are calculated at a 9.75% base interest rate.
Can you deduct interest from a signature loan?
"Personal" interest is NOT deductible.
Can I deduct interest on a personal loan used for home improvements?
no
How do you use personal loans to save tax?
tax have exemption on the interest rates on personal loans.
What are good interest rates for bank loans in 2013?
What qualifies as a good interest rate depends on the loan. There are car loans, mortgage loans, home equity loans and personal loans. The interest rate for each loan differ.
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.
Car loans tax deduction?
No. No personal loan interest.
How can I obtain personal loans without interest?
Obtaining personal loans without interest is typically not possible through traditional lenders. However, you may consider borrowing from friends or family, utilizing interest-free credit cards, or seeking out non-profit organizations that offer interest-free loans.
Where can one go for low interest personal loans in Halifax?
To find low interest personal loans in Halifax, one should visit the local banks of the area. For example, try Natwest, Nationwide or Santander and compare their loans.
Is the interest rate high for asda loans?
ASDA loans are divided into two categories based on the amount borrowed. These categories are Little Loans and Personal Loans. The average interest rate is about 8% which is not bad but interest rates can be as high as 15% and more.
What is the interest rate on the sbi personal loan?
SBI (State Bank of India) offers personal loans as one of their products. The interest rate on a personal loan from SBI (State Bank of India) depends on the applicants credit, amount borrowed, and collateral. Personal loans are calculated at a 9.75% base interest rate.
Personal loans should have a lower interest rate than student loans.?
Not necessarily. While personal loans and student loans both provide funding support, their interest rates vary depending on the loan type, your credit profile, and the lender. Federal student loans often have lower interest rates compared to unsecured personal loans, especially for undergraduate borrowers. They also come with flexible repayment and forgiveness options. Private student loans, however, can have higher rates—sometimes higher than personal loans, depending on your credit score. Personal loans may offer competitive rates, especially if you qualify for a secured personal loan or have a strong credit history. They’re also more flexible since you can use them for different purposes like home improvement, medical expenses, or travel. At RiseUp Financial, we help you compare both personal loan interest rates and student loan options so you can choose what’s right for your financial situation.
What are the best options for obtaining personal loans with no interest?
The best options for obtaining personal loans with no interest are typically through friends or family members who are willing to lend you money without charging interest. Another option is to look for nonprofit organizations or community groups that offer interest-free loans to individuals in need. Additionally, some religious or cultural organizations may provide interest-free loans to members of their community.
