Can I claim interest paid on payday loans as a deduction on my income tax return?
Written By: admin on September 24, 2009
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From the irs website:
Personal interest is not deductible. Examples of personal interest include interest on a loan to buy an automobile for personal use and credit card and installment interest incurred for personal expenses.
Also, I just wanted to point out that interest on real estate is NOT the only deductible interest. Interest from qualifying student loans is deductible as well.