So we as middle and working class poor wound up paying more in income taxes because we had no deductiuons such as interest on auto loans and interest on credit card balances. As Regards Gibberush: Yes the rich do buy cars and they do use credit cards yet they are rich enough not to have to carry a balance for most purchases such as a car either.
Best Answer: Generally unless the car is used in the course of carrying on a business, you will not be able to deduct the interest on the loan. You can deduct interest on a mortgage loan or a home equity loan but not loans on personal property for personal use. If the state you live in charges a personal property tax on vehicles you can deduct that amount on your schedule A if you choose to.
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The tax rules offer a choice of vehicle expense deduction methods, and if you itemize the vehicle expenses, a portion of a lease payment can be used as a business expense. A regular vehicle loan.
What Tax Deductions Can I Claim on my Car Loan? It’s about this time Australian car owners start trying to work out how they can improve their tax return. Through deduction claims, expenses, log books and all other claims to get more of your tax back each year.
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There may be times you can claim IRS car tax deductions for interest paid on a car loan to help lower the amount of federal taxes you owe. Car loan interest can add thousands of dollars to the price of a new car or truck. So, being able to deduct the interest on your taxes can help reduce the overall cost of ownership.