You'll need to sign in or create an account to connect with an expert.
The IRS does not allow a taxpayer to claim an interest deduction if it is a personal loan (This includes a personal car loan.)
If however, the loan is a home equity loan, you may be able to claim this as an itemized deduction on Schedule A.
If this is student loan interest, you would be able to claim this on your tax return if you meet all the eligibility requirements. (Student loan interest would be reported to you on a Form 1098-E).
The IRS does not allow a taxpayer to claim an interest deduction if it is a personal loan (This includes a personal car loan.)
If however, the loan is a home equity loan, you may be able to claim this as an itemized deduction on Schedule A.
If this is student loan interest, you would be able to claim this on your tax return if you meet all the eligibility requirements. (Student loan interest would be reported to you on a Form 1098-E).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
karlameyer
Level 1
chopps00
New Member
NICAAC
Level 1
magicstar41000-y
Level 2
MojoMom777
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.