Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Itemized Deductions

Interest Paid

Nondeductible Interest

Interest that cannot be deducted includes:

  • Interest on car loans where the car is used for nonbusiness purposes
  • Other personal loans
  • Credit card investigation fees
  • Loan fees for services needed to get a loan
  • Interest on a debt the taxpayer is not legally obligated to pay
  • Finance charges for nonbusiness credit card purchases