You can deduct interest paid on consumer loans for state and federal income tax returns.

Name: You can deduct interest paid on consumer loans for state and federal income tax returns.
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Interest on consumer loans like personal loans, credit cards, and car loans are generally not tax deductible for federal or state income tax purposes. The only type of interest on consumer loans that may be deductible is on home equity loans or lines of credit, and even then, there are limitations and restrictions.

You Can Deduct Interest Paid on Consumer Loans for State