Tax Facts

8541 / Is personal interest deductible?

Updated: November 20, 2024 at 06:32 AM
Generally, personal interest is not deductible. However, in defining personal interest, all of the types of interest described Q 8530 through Q 8540 are not considered personal interest, and, thus, are deductible subject to the limitations discussed therein. Generally, non-deductible personal interest includes, but is not limited to, consumer credit card interest, car loans and interest on tax deficiencies.

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