Tax question
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Freshman User
Joined: Dec 2005
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From: texas
Tax question
I am trying to get my income taxes together for the 2006 year and was wondering if you can write off interest paid on an automobile, i know you can do it on some things but i am not sure if you can do it on a automobile loan.
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From: MA
If the vehicle was used solely as a business vehicle, then I believe it would be deductible. If it is used for personal use then no..
Disclaimer::: I am not a tax consultant so check with one before hand.
Disclaimer::: I am not a tax consultant so check with one before hand.
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Interest deductions for personal debt, non-real estate, went away with the tax changes of 1986 if memory serves me at all.
Business debt--not sure.
Home equity, subject to some rules regarding cost of house vs. amt borrowed, but those are pretty clear once you find that section in the 1040 book.
Consult a tax man if you get lost. No sense paying penalties when you can pay him first....
Be careful. Don't fall for some idiotic line about how you don't have to pay this and can get away from that. Two words: Wesley Snipes.
Business debt--not sure.
Home equity, subject to some rules regarding cost of house vs. amt borrowed, but those are pretty clear once you find that section in the 1040 book.
Consult a tax man if you get lost. No sense paying penalties when you can pay him first....
Be careful. Don't fall for some idiotic line about how you don't have to pay this and can get away from that. Two words: Wesley Snipes.
Post Fiend
Joined: Jan 2006
Posts: 20,589
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From: Charlotte, NC
Originally Posted by donjamer
If the vehicle was used solely as a business vehicle, then I believe it would be deductible. If it is used for personal use then no..
Disclaimer::: I am not a tax consultant so check with one before hand.
Disclaimer::: I am not a tax consultant so check with one before hand.
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