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kaitlynsalzarulo03

Level 1

Question

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

Forum|Forum|3 months ago
April 9, 2026
2 replies
52 views

No text available

TurboTax Online

Level 15

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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Level 15

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.