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can I deduct my car loan interest and rent I pay for school housing?

 
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2 Replies
DavidD66
Expert Alumni

can I deduct my car loan interest and rent I pay for school housing?

You cannot deduct your rent.  It doesn't matter if you are a student or not.  If you bought a new vehicle in 2025 that was assembled in the United States, you can deduct up to $10,000 in interest on a loan for that vehicle.  Otherwise, you cannot deduct interest on a car loan.

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Hal_Al
Level 15

can I deduct my car loan interest and rent I pay for school housing?

There is no actual "deduction" for educational expenses. Some expenses do count for claiming an education tax credit. Room  and board (including rent) do not count.

 

Room  and board (including rent) do count toward keeping a 529 plan distribution tax free. 

 

 

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