Which of the following types of interest are not likely to be deductible in 2016?

Question

​Which of the following types of interest are not likely to be deductible in 2016?

Quizplus · Accepted Answer

Interest on personal credit cards is generally not tax deductible.

Answer: B
 Interest on a home equity line used to buy a car may not be tax deductible as it depends on the specific circumstances and purpose of the loan.

Answer: C
 Interest on a mortgage on a principle residence is generally tax deductible.

Answer: D
 Private mortgage insurance premiums may be tax deductible, subject to income limitations.

Therefore, Choice A and B are not likely to be deductible in 2016.

​Which of the Following Types of Interest Are Not Likely

Which of the Following Types of Interest Are Not Likely