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.
Can you deduct interest froman auto loan on your taxes?
not any more. They cut that out a few years ago.
Reply:Not since Ronald Reagan was in office... He well reformed the income tax laws... Thanks Reagon!
Reply:No, not since 1986.
Reply:No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
Reply:NO...and in case you think you can...NO !
Reply:no... shame huh?
would be nice to be able to do that... I too have interest on my car.
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