Personal interest.
Personal interest is not deductible. Examples of personal interest include interest on a loan to purchase an automobile for personal use and credit card and installment interest incurred for personal expenses. But you may be able to deduct interest you pay on a qualified student loan. For details, see Publication 970, Tax Benefits for Higher Education.

Limit on itemized deductions.
Certain itemized deductions (including home mortgage interest) are limited if your adjusted gross income is more than $128,950 ($64,475 if you are married filing a separate return). For more information, see chapter 22.

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