My brother is able to deduct the interest he pays on his farm equipment, and I'm able to deduct the interest I pay on a student loan... so I was wondering if anyone knows if it's possible (or legal) to deduct the interest paid on an car loan come tax time?
Your brother's farm equipment is an asset he can use on his business so the interest on the loan is tax deductible. (His farm counts as a business)
Your student loan interest is tax deductible because the government wants to encourage you to get an education.
In order for the interest on your car loan to be tax deductible you would have had to buy it through a business, and be ready to justify the car as a business expense if the tax agency ever comes after you.
Your brother's farm equipment is an asset he can use on his business so the interest on the loan is tax deductible. (His farm counts as a business)
Your student loan interest is tax deductible because the government wants to encourage you to get an education.
In order for the interest on your car loan to be tax deductible you would have had to buy it through a business, and be ready to justify the car as a business expense if the tax agency ever comes after you.