Are you able to claim the amount you pay in interest for your auto loan on your taxes? like you do with a home loan?
2007-01-08 04:36:39 · 4 answers · asked by Nicole 1 in Business & Finance ➔ Taxes ➔ United States
For most folks, NO. Auto interest once was deductable but now it isn't. Home interest is still deductable.
Car interest can be deductable if it used for business purposes (i.e insurance salesman).
2007-01-08 04:46:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Only if the car is mainly used for business purposes. If you own a business and the car is used in that business, then you very possibly can.
Business purposes don't include commuting to and from work - that's considered a personal expense and isn't deductible.
2007-01-08 04:59:34 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Only if the auto is used for business purposes. Then you can claim the interest (but only if you are claiming actual expenses, and not the mileage rate) on the business use portion of the automobile.
2007-01-08 04:39:24 · answer #3 · answered by jseah114 6 · 2⤊ 1⤋
No.
2007-01-08 04:39:58 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋