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Does the interest on a car loan reduce my income tax liability?
"I just bought a car and I was wondering about how the loan affects my taxes.
Can you write off the interest on a car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unless your car is for business purposes, you cannot write off interest on a car loan.
If it is a business vehicle, you can deduct depreciation, interest, and possibly mileage off the vehicle when you do your taxes.”
View full answer
- Gregory R.
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