Is car loan interest deductible on income tax return?
1 Not the federal one. The Congress does not care if you buy a car or not.
My opinion is that car loan interest is deductible to the extent the car is used for business. You need to work with a tax professional on this one, however, because this is one of the most misused provisions by individuals. That means it's an audit risk, so you need to do it right!
There are rules as to whether to use the mileage deduction or to deduct all expenses related to the automobile (gas, repair, maintenance, insurance, and loan interest!) but that depends on your situation. I myself deduct everything through my corporation, and carefully note every possible instance of business and personal use of my car, in case of an audit.
I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.
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