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Is the Interest I Paid on a Personal Loan Deductible. – Business or Investment Loans. On Schedule C of Form 1040, you may claim as an expense interest on loans used to run your business — or at least your share of the liability for the loan. Interest you pay on loans to acquire investments, such as stocks and bonds, qualifies for itemized deductions on Schedule A of Form 1040.
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Is Car Loan Interest Tax Deductible? Auto Loan Deduction – You may deduct interest on a loan for a car you use in your business. Taxpayers can even deduct the interest if you take out a home equity loan to buy a business vehicle. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.
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