Quote:
Originally Posted by crash
You would be able to deduct the interest only if you exceed the standard deduction. Not too many do these days at $25,000 for a couple.
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That will depend on how the law is changed.
One way would be as you mentioned, car interest would be part of your itemized deductions which would then need to exceed the standard deduction.
The other way would be to subtract the interest directly from your income outside of itemization.
Logically, it ought to be the former but ...
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