The student loan interest deduction will let you subtract your interest payments from your taxable income if you earned less than $80,000 last year. (Grads who earned between $65,000 and $80,000 can deduct a reduced amount of interest.) If your parent took out a loan for you, he or she will take the deduction.
Unless you object to the lender’s claim or cram down the loan, the entire principal balance including your arrears will be paid off through your plan. If you wish to exclude the car loan from your plan, you must catch up on the arrears outside of bankruptcy or the lender will.
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No way, no how.—–This answer is incorrect. You CAN deduct interest from personal loans in some circumstances. If you’re a business owner and take out a personal loan for business expenses, you.
. try to get the auto loan paid of first, and then take the $300.00 you were paying on the auto and apply that toward your student loans. You may be able to claim your student loan interest as a.
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Car loan interest is tax deductible for commercial loans. When you take out car finance to purchase a vehicle for use in your business, the interest you pay on the loan is a business expense. This means that you can claim a tax deduction based on the proportion that business use makes up the total use of the vehicle.
If you combined any qualifying loans with non-qualifying loans, you cannot claim the interest paid as student loan interest. For example, if you took out a home equity line of credit to pay for university, that doesn’t count as a qualifying loan, and you cannot claim the interest as student loan interest.
1. Claim on your income tax return the interest that you paid on your home equity loan during the previous year. You can claim the interest as a tax deduction if the home equity loan is up to.
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On your 1040 form you’ll enter the amount of loan interest you’ve paid, up to $2,500. The student loan interest deduction is claimed as an adjustment to income, which means you can still claim it even.