Why is interest on car loans not tax deductable and interest on home loans are?
If I am able to take the interest paid on a house loan of on my taxes every year, why not my car loan. Both are tangible assets?
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Answer by wartz
The tax laws allow you do deduct interest on home loans but not car loans except for business use.
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Anti IMF Loan Protest in Down Town, Cairo
Image by Gigi Ibrahim
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