Can you deduct interest froman auto loan on your taxes?
Monday, March 8th, 2010 at
2:12 pm
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.
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Tagged with: Auto • deduct • froman • Interest • Loan • taxes
Filed under: Auto FAQ
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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.
You've got it right: you enter the amount of your state and/or local income tax refund you received in 2009.
If, on your 2008 tax return, you itemized deductions and claimed a deduction for state and local income taxes, for 2009 you will have to pay federal tax on the amount refunded to you. If you did not itemize deductions or did not claim a deduction for state and local income taxes, you will not be taxed on your refund.
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Wolves striker Stefan Maierhofer has joined Bristol City on a 28-day emergency loan. The 27-year-old Austrian striker has swapped places with Chris Iwelumo.
And the taxes dealio? It's nothing? Plus salaries on average are higher here anyway. I don't even notice when I get taxed.
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If you are using your car on a daliy basis, while you are clocked in at work, then you can deduct your mileage (you can deduct wear and tear, depreciated value – if it's paid off – and other expenses, but it's milage or the other, not both). you can not deduct your travel to or from work unless you live a certain number of miles away from your job. It is more cost effective for you to claim your mileage than the actual expenses. at this minute, the federal amount is .485 cents per mile… it averaes very well if you do any kind of driving. As for deducting your payments, you can't deduct enough to really make a difference (again, mileage is more cost effective), and your car insurance you have to carry by law anyway, so you can't deduct it. The best way to do it, is to contact a tax advisor or accountant in your area, and they will be able to tell you exactly what you can and can't deduct.
Our company reimburses us the amount we drive based on the federal amount at that time, and then the company deducts the costs that they can deduct, it makes our taxes much easier.
hope that helps, good luck!!!!
well if its stafford loans you will get it once your school gives out the dates they want it sent if its a private loan thats a longer process they have to check credit and stuff like that
What did that guy say?
No, I am a sSHAMELESS name-dropper. So you can probably deduct 15 points.
LOL!!! Well done!!!
You have to apportion the costs between business and personal use. With an aircraft you do that by flight hours as recorded on the Hobbes meter. Annotate your Pilot's Flight Log with the reason for the flight, i.e. personal or business.
If you're a business owner it goes on Schedule C with the other business expenses. If you're an employee it goes on Form 2106 and then to Schedule A as an miscellaneous deduction subject to the 2% AGI limitation.
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The insurance category known as Payment Protection Insurance is something most of us have bought at some time during our lives. You are probably included if you have ever gotten a loan from a bank or finance company or even on a line of credit. PPI is sold under many names. Repayment Insurance is one of the aliases it goes under. As part of your monthly payment on your credit card You may also be paying for Credit Protection Insurance, usually referred to as CPI, a similar but somewhat different product.