What are the tax implications of loan repayment?
An example of an AI chatbot conversation about tax implications of loan repayment.
What are the tax implications of loan repayment?
When you repay a loan, the principal amount is not taxable. However, interest payments may have tax implications.
So, I won't be taxed on the money I repay?
Correct! The principal repayment is not considered income, so it isn't taxed.
What about the interest? Is it deductible?
It depends on the type of loan. For example, mortgage interest may be deductible, while personal loan interest typically is not.
Are there any exceptions I should be aware of?
Yes, certain loans like student loans have specific tax benefits. It's best to consult a tax professional for personalized advice.
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