I am from India and I did my post graduation from Texas A&M University. Now I am on H1B visa and working in USA. I am repaying the education loan in India that I took for my education at USA. Can I claim deduction for that? Another question: I bought a car for exclusively traveling to work. Can I claim deduction for the car loan repayments? Please let me know.
Thanks
Ravi
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For the interest, yes.
Your use of the car is for commuting to work, which is never deductible. The interest on the loan is also personal, which also is nondeductible.
There is no deduction for paying the principle amount of a loan.
The cost of travel from home to work and back home is not deductible. The amount of loan payments is not the amount deductible in any case.
There is no deduction for paying the principle amount of a loan.
The cost of travel from home to work and back home is not deductible. The amount of loan payments is not the amount deductible in any case.
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