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| *Loan,banking and credit>>>auto loan |
Can I use the interest I pay on an auto loan as a tax write off? |
Can I use the interest I pay on an auto loan as a tax write off? No. Consumer debt interest is not deductible, hasn't been for about 20 years now. Only home mortgage interest is deductible. (some boats, RV's could qualify, if they have a bathroom and sleeping quarters). But a normal car, not a chance. If you're using the car for business, you could expense your mileage. But that's got nothing to do with the interest you pay. Source(s): 10 years in mortgage banking No, unless it is used for business then that is a completely different deduction type. This type of interest was removed from being deducted back in the early 90s. Only if the auto is for business. The vehicle must be owned by the business for this to be a legitimate deduction. no |
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