Is loan interest tax deductible?

Answer Certain interest from loans are tax deductible. If you paid on the interest for student or home loans during the current tax filling year, you can claim it as a deduction on your tax return.Source:... Read More »

Top Q&A For: Is loan interest tax deductible

Is margin loan interest tax-deductible?

Claiming a tax deduction for interest on a margin loan requires the interest to be paid for the year filing. Considerations for interest paid include the broker collecting these funds through the i... Read More »

Is payday loan interest tax deductible?

Since a payday loan is a personal loan, you can't deduct the interest for tax purposes. According to IRS Form 1040 instructions, you may deduct the interest paid on a qualifying student loan (1040 ... Read More »

Is auto loan interest tax deductible?

You cannot automatically deduct auto interest on your taxes, according to Cars Direct--you must fit it into a category accepted by the IRS as deductible. You could, for example, try to fit the car ... Read More »

Is Loan Interest on Land Deductible?

As a general guideline, the interest payments you make on a loan you obtain to purchase any property, including land, is only deductible if the IRS specifically allows it. Otherwise, interest charg... Read More »