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As with many things involving the Internal Revenue Service, there is not a straight yes or no answer to the question, "Is car loan interest tax deductible?
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Are Home Interest Loans Deductible From Taxes? If you make a late mortgage payment in the following tax year, you must wait until that year to claim the deduction.
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Are my student loan payments tax deductible? The interest portion might be, thanks to the student loan interest deduction. The maximum deduction is $2,500 in 2011.
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