If Carol is self-employed and uses her automobile for her business, she can deduct the business portion of her interest expense on the loan taken out to purchase the car. However, if she is not self-employed, she cannot deduct any interest expense on a car loan.

a.  True

b.  False

Answer rating: 100% (QA)

FALSE An interest expense is a cost incurred by an entity for borrowed funds Interest expens... View the full answer