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Mortgages and Student loans are the only types of loans that are tax deductible.

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Q: What type of loans are tax deductible?
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Related questions

Can you claim school loans on income tax?

Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.


Can you apply unclaimed interest paid on student loans during the 2006-2007 tax season on your 2008 tax return?

Interest on student loans isn't deductible - regardless of when paid or accrued.


Is college tax deductible?

Really only those, generally for a Masters or above level, that are in your specific working profession. If your just a student getting your initial degrees, nothing is deductible. Otherwise, the Education credits (Hope and such) that are available are what you should be looking at.


Are HELOC loans tax deductible?

If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.


What conditions are attached to home equity loans?

These loans generally are tied to the prime rate, and may be tax deductible. They are usually revolving lines of credit with little standardization


Are restaurant tips tax deductible?

Type your answer here... not unless it is business related.


What can you tell me about a Roth IRA tax deductible?

The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.


Is tax preparation tax deductible?

Yes. Tax Preparation does lies under business investment thus, is tax deductible.


Is Gas sales tax deductible?

Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.


Is pet insurance tax deductible in Arizona?

Not deductible on your federal income tax return.


Where can I make a tax deductible car donation?

You can make a tax deductible car donation at donateacar.com


Is depreciation tax deductible?

Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production