2007-02-16 21:27:44 · 6 answers · asked by minnesota girl 2 in Business & Finance ➔ Taxes ➔ United States
In short, NO.
2007-02-16 22:07:56 · answer #1 · answered by daddyspanksalot 5 · 1⤊ 0⤋
No. There are only a few types of loans that have any tax deduction tied to them. Everyone is familiar with home mortgages, so I'll skip that one. Another type of loan is a loan to purchase an investment. The interest on those loans is deductible to the extent of the income from the investment. Lastly, some student loans are eligible for interest deductions.
A paycheck loan does not meet any of those requirements so it isn't deductible.
2007-02-16 21:51:39 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
No, only mortgage interest, investment interest, and interest for student loans are deductible. All other forms of interest paid are not tax deductible.
2007-02-16 23:01:35 · answer #3 · answered by Lori 2 · 1⤊ 1⤋
No, the interest is a personal expense and isn't deductible.
2007-02-17 03:11:12 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I would say no. What would prevent you from loaning yourself you entire pay check every week? If you can figure out a way to do it legally let me know.
2007-02-16 21:45:08 · answer #5 · answered by Boston Mark 5 · 0⤊ 1⤋
I say yes.
2007-02-16 21:29:57 · answer #6 · answered by Stop_the_Klan@yahoo.com 2 · 0⤊ 2⤋