You can deduct the interest paid on consumer loans on your income tax return.

Name: You can deduct the interest paid on consumer loans on your income tax return.
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Interest paid on consumer loans, such as credit card debt, auto loans, and personal loans, is generally not deductible on your income tax return. Only certain types of interest, such as mortgage interest and student loan interest, may be deductible under specific conditions.

You Can Deduct the Interest Paid on Consumer Loans on Your