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Interest You Paid

If you have any debts, you will have many types of interest payment you make. Some interest payments you pay are tax deductible while others are not. Below is information on what interest payments are tax deductible.

What is an interest?

Interest is the amount you pay for the use of borrowed money.

What is personal interest?

Personal interest is not tax deductible.

What are the personal interests that are not tax deductible?

Examples of personal interest include:

  • interest on a car loan for personal use

     

  • credit card interest for personal expenses

     

  • loan fees
Are interest payments to credit card companies tax deductible?

No. Interest payments to credit card companies are considered personal interests and are not tax deductible.

What type of interest payments are tax deductible?

Types of interest payments that you can deduct are:


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