What interest is not deductible on Schedule A?
Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.
What types of interest are deductible on Schedule A?
According to the IRS, only a few categories of interest payments are tax-deductible: Interest on home loans (including mortgages and home equity loans) Interest on outstanding student loans. Interest on money borrowed to purchase investment property.
Which of the following interest payments is not deductible for tax purposes?
Types of interest that are tax deductible include mortgage interest for both first and second (home equity) mortgages, mortgage interest for investment properties, student loan interest, and the interest on some business loans, including business credit cards.
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- which of the following is not deductible as interest expense on schedule a