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Investments glossary

Tax Deductible Interest

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Tax-deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income. Types of interest that are tax deductible include mortgage interest for both first and second (home equity) mortgages, mortgage interest for investment properties, student loan interest, and the interest on some business loans, including business credit cards. Personal credit card interest, auto loan interest and other types of personal consumer finance interest are not tax deductible.1 2


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