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The No. 1 point to know: Many people aren't likely to benefit from this proposed deduction, even if they do take out a loan on their car and truck. It sort of sounds better than it really would ...
The former president on Thursday proposed making interest on auto loans tax-deductible, an idea that is similar to the mortgage interest deduction, which allows some homeowners to reduce their ...
Allowing car loan interest to be tax deductible “will encourage people to take out more debt on an expensive depreciating asset by stimulating demand for cars,” Lincicome explained, adding ...
These rules prevent the avoidance of tax that might otherwise be available by characterizing the repayment as a capital gain, which is taxed at a lower rate, or by deferring the recognition of income until the bond is repaid at maturity. There are a number of exceptions to the original issue discount rule, including: Tax exempt obligations
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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The plan on car loans - which would treat interest paid on vehicle loans like home mortgages on federal tax returns - is the latest in a long string of potential tax cuts the former U.S. president ...
GREENSBORO, North Carolina (Reuters) -Republican presidential candidate Donald Trump said on Tuesday he would make interest on car loans fully tax deductible for cars built in the United States ...