Alice purchases a new personal auto and finances the purchase through the dealer. The interest of $760 she pays on the car loan during the current tax year is deductible.

Name: Alice purchases a new personal auto and finances the purchase through the dealer. The interest of $760 she pays on the car loan during the current tax year is deductible.
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Question

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Personal auto loan interest is not deductible on federal income tax returns, as the loan is not considered mortgage interest or investment interest.

Alice Purchases a New Personal Auto and Finances the Purchase