Typically, deducting car loan interest is not allowed. . If you use your car for business purposes you may be allowed to partially deduct car loan interest as a business expense.
There is an income threshold where once breached, every $100 over minimizes your mortgage interest deduction. That level is roughly $200,000 per individual and $400,000 per couple for 2021.
Can you write off margin interest?
Read moreAt what income level do you lose mortgage interest deduction?
