Taxpayers may not deduct interest expense on most personal debt,including credit card debt,car loans,and other consumer debt.

Name: Taxpayers may not deduct interest expense on most personal debt,including credit card debt,car loans,and other consumer debt.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is true. Taxpayers can only deduct interest expense on certain types of debt, such as mortgage interest and investment interest. Personal debt, such as credit card debt and car loans, usually does not qualify for a deduction.

Taxpayers May Not Deduct Interest Expense on Most Personal Debt,including