New post text
Is Personal Loan Tax Deductible ?
Liability means that you owe money on a personal loan rather than earning money that you may deduct from your taxable income. Personal loans are a convenient method of obtaining finances in a short period. However, finding a loan with reasonable interest rates is essential. Borrowers in this situation might profit from the availability of tax deductions for personal loans they take out. As a result, interest paid on personal loans is not deductible from your taxable income.
Clark Kendall, a licensed financial planner and CEO of Kendall Capital Management in Maryland, argues that a personal loan is just like any other obligation that must be repaid. It's no different from a vehicle loan. However, the loan itself is not taxable, so you may use it to purchase a vehicle or go on vacation.
