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Is car loan interest tax deductible?
If certain conditions are met, you can deduct some or all of the interest payments you make on your car loan from your federal taxes.
Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance. She is also a full-time worker at her local library where she helps her community access information about financial literacy, among other topics. Kellye takes pride in ensuring everyone has equal opportunity to understand their finances and how to make the most of their budget. In her free time, she loves studying languages and reading an outlandish amount of novels — currently over 200 this year.
If certain conditions are met, you can deduct some or all of the interest payments you make on your car loan from your federal taxes.
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