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When you take out a loan, it's important to know the potential tax consequences. Find out everything you need to know about personal loans and taxes here.Image source: Getty Images.
When you take out a loan, it's important to know the potential tax consequences. Find out everything you need to know about personal loans and taxes here.
Nearly every American has taken a loan at some point during their lifetimes. Whether it's using a mortgage loan to buy a home, taking out a home equity loan to tap into the value of their real estate, or getting an auto loan to buy a vehicle, the right loan can give you the ability to do things you wouldn't otherwise be able to afford. In addition, in some cases, there are tax breaks that make such loans even more valuable.