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Question about interest deduction for New Vehicle Purchase
I purchased a used car from a private party seller.
I borrowed $10,000 from a friend to make the car purchase, under the agreement, I would repay him $12,000. Those debts are resolved. Is the $2000 in interest paid on the $10,000 loan deductible / claimable or does such a deduction only apply to loans furnished by a licensed lender or finance company?
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‎April 8, 2025
4:41 PM