What types of interest rate can you deduct?

guajardo-cecilia · ‎June 4, 2019

Can you "deduct" interest paid on credit cards? new cars?

DawnC0 · ‎June 4, 2019

You can deduct business-related interest expense. Personal interest on credit cards and automobile loans is not deductible. If a loan is secured by your home (such as home equity or other mortgages), that interest would be deductible as a home mortgage interest. You may also be able to deduct up to $2,500 of student loan interest paid in a given year.

View solution in original post

DawnC0 · ‎June 4, 2019

You can deduct business-related interest expense. Personal interest on credit cards and automobile loans is not deductible. If a loan is secured by your home (such as home equity or other mortgages), that interest would be deductible as a home mortgage interest. You may also be able to deduct up to $2,500 of student loan interest paid in a given year.