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Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax-deductible under certain circumstances.
Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax deductible under certain circumstances.
As a general rule, you cannot deduct the interest that you pay on a personal or family loan. The IRS considers these standard lending products, with the same rules whether you borrow from a family ...
Low interest rates for borrowers with good credit: If you have favorable credit, you may qualify for interest rates as low as 3 percent on personal loans. While exact rates vary by lender and ...
A personal loan may offer a cheaper way out of tax debt if you can meet 3 key criteria. Learn the benefits and drawbacks — including alternatives — in this comprehensive guide.
Generally, home equity loans are larger and come with lower interest rates and monthly costs than a personal loan. Your interest payments are also tax-deductible if you use funds to buy, build or ...
Not all types of debt qualify to have the interest deducted from your taxes, but there are some situations where the option is available to you.
Businesses can deduct interest on loans they take out, and so can self-employed workers. These must be for business use and not personal use, however. But interest on SBA 7(a) loans does qualify.