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

Name: Taxpayers may not deduct interest expense on personal debt including credit card debt,car loans,and other consumer debt.
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According to IRS rules, taxpayers are not allowed to deduct interest on personal debt including credit card debt, car loans, and other consumer debt. This type of interest falls under the category of personal interest which is not tax-deductible.

Taxpayers May Not Deduct Interest Expense on Personal Debt Including