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Can you deduct interest froman auto loan on your taxes?

Amy N asked:

I have 20 % intrest rate on my auto loan. (Yes i had Credit troubles in the past) Anyway i paid nearly 2000.00 in interest last year is that deductable? I know i can use my mortgage interest. But i was curious about the auto loan.
Asked on: 2009-05-29 20:53:58

6 Comments

  1. theonlytufrose says:

    not any more. They cut that out a few years ago.

  2. Predator500 says:

    NO…and in case you think you can…NO !

  3. Wayne Z says:

    No, not since 1986.

  4. Michael R says:

    Not since Ronald Reagan was in office… He well reformed the income tax laws… Thanks Reagon!

  5. sandra k says:

    no… shame huh?
    would be nice to be able to do that… I too have interest on my car.

  6. Judy says:

    No, not for your personal car.

    You can only deduct your mortgage interest if you itemize.

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