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john14-1
New Member

Can i use a portion of an equity loan interest as a deduction for the purchase of a car i use for self employment.

 
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DS30
New Member

Can i use a portion of an equity loan interest as a deduction for the purchase of a car i use for self employment.

No - you will not be able to claim any interest expense for your self-employment business for a car purchased using a portion of the funds you received from your home equity loan.

Instead, you will be able to include the interest on this home equity loan (up to $100,000) as an itemized personal deduction on Schedule A.

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DS30
New Member

Can i use a portion of an equity loan interest as a deduction for the purchase of a car i use for self employment.

No - you will not be able to claim any interest expense for your self-employment business for a car purchased using a portion of the funds you received from your home equity loan.

Instead, you will be able to include the interest on this home equity loan (up to $100,000) as an itemized personal deduction on Schedule A.

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