Taxpayers May Not Deduct Interest Expense on Most Personal Debt,including

question 36

True/False

Taxpayers may not deduct interest expense on most personal debt,including credit card debt,car loans,and other consumer debt.

---

Definitions:

Teller's Check

A check drawn by a bank on its own funds and signed by a teller, often used in situations requiring guaranteed funds.

Depository Bank

A financial institution that holds and manages securities and assets on behalf of investors, such as stocks and bonds.

Payor Bank

A bank that is responsible for paying a check or draft presented for payment.

Intermediary Bank

Any bank, other than a payor or depository bank, that transfers a check during the check collection process.