i recently bought a car and i have a loan with interest, can I deduct the interest of that car loan towards my 2008 taxes? thank you.. please accountants only
2007-12-06 11:42:56 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No, that is unless you also have a business. In this case you can write off depreciation or expenses...not both. Pick the greater and there's your answer.
2007-12-06 11:47:37 · answer #1 · answered by Bad Brad 2 · 0⤊ 1⤋
1
2016-09-26 13:01:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
For personal returns, no. That is why, if you must finance a car purchase, taking out a home equity loan or line of credit is a good idea, with a caveat. Home mortgage interest is still deductible.
The caveat: Pay off the debt in the same time period you would the car loan. People are tempted to drag out the term to keep the payments lower, and end up negating the tax benefit. My personal rulle of thumb is if I can't afford the payments on a 3 year car loan (or less), I need to buy a cheaper car.
2007-12-06 11:54:01 · answer #3 · answered by curtisports2 7 · 0⤊ 0⤋
Disgusting is right. You may be on to something, If in return it could bring property values down that would be the best thing for the American people. The current perception of real estate value is absolutely devestating to the working class. To see the values drop to a relavent level would get millions off wel fare. Who wants to buy that drafty pre-80's hacked up house that cost nothing to build and any number of the materials used are known to cause cancer. For 220,000 when at best it may be worth upto 100k. This is the biggest market for consumer fraud and no one seems to care, and local accessors just seem to go along with it. You bought it for x so actually it's worth x+.
2016-05-21 22:19:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That went down the sewer several years ago.
If it's owned by a business, everything is deductible.
2007-12-06 11:46:55 · answer #5 · answered by ed 7 · 0⤊ 0⤋
Your time machine would have to take you back to 1986. That's the last time personal interest could be used as an itemized deduction.
2007-12-06 11:56:26 · answer #6 · answered by Anonymous · 2⤊ 1⤋
Your personal car, not one owned by a business you own? No you can't. Many years ago you could, but it's been a long time.
2007-12-06 13:07:48 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
No, unless it is a car used for business purposes (not commuting to and from work).
2007-12-06 11:50:47 · answer #8 · answered by Anonymous · 0⤊ 1⤋