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How to use home loan and rental outgo to save income tax – Once the house is complete and is occupied or rented out, the taxpayer can claim deduction of interest paid on the home loan. Interest paid during the years when the house was under construction, is.
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Deducting Auto Expenses – Tax Guide – 1040.com – Self-employed taxpayers may deduct car loan interest, provided they deduct only that portion related to business use of the vehicle. Taking the Deduction To take a vehicle expense deduction for a business, first add the Schedule C – Business Income and Expenses screen to your return.
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Is Car Loan Interest Tax Deductible? – TurboTax Support. – Car loan interest would be deductible if the vehicle was used for self employment, or in the service of an employer, but it is not deductible for personal use.
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