Is Car Loan Interest Tax Deductible? – TurboTax Support. – Recommended Answer. 501 people found this helpful. car loan interest would be deductible if the vehicle was used for self employment, or in the service of an employer, but it is not deductible for personal use.

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Is Car Loan Interest Tax Deductible? Auto Loan Deduction – You may deduct interest on a loan for a car you use in your business. Taxpayers can even deduct the interest if you take out a home equity loan to buy a business vehicle. You can deduct only the business use percentage of interest and taxes on a car you use for business and personal reasons.

Is the Interest Paid On a Car Loan Tax Deductible? – Indirect ways to deduct the interest on a car loan are to pay for the car by taking out a second mortgage, getting a home equity loan, or obtaining a line of credit against a home. However, a homeowner must be very careful in these situations; he could lose the home if he defaults on the loan.

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Is Auto Loan Interest Deductible? | Sapling.com – Unless you’re a business owner, you generally cannot deduct the interest on a vehicle loan because the Internal Revenue Service treats it as "personal." Even if you can’t claim the interest, your vehicle can bring tax relief through other deductions.

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Deducting Car Loan Interest | H&R Block – Answer. Typically, deducting car loan interest is not allowed. But there is one exception to this rule. If you use your car for business purposes you may be allowed to partially deduct car loan interest as a business expense. If you use your car for business purposes, you may be able to deduct actual vehicle expenses.

Deducting Interest Expenses on Your Business Taxes – Businesses may deduct interest on loans taken out for business purposes, including mortgages on business property, term loans, and lines of credit. Effective in the 2018 tax year and beyond, interest expense deductions are limited for higher-income businesses. Smaller businesses can still take the.

Can you deduct interest paid on an car loan from your taxes. – However, if you own a business, which in turn, owns the car, the business can deduct the interest paid. Also, you can deduct the interest paid on the car if it’s investment property, like a collectable car.

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Rideshare Taxes: Deduct Mileage, Lease Payments or Car Loan? – car loan deduction. Sorry, but there is no such thing. You will need to depreciate your car’s value and deduct that from your income. The interest on a car loan is tax deductible, however. Depreciation is meant for car depreciation and wasn’t factored in to account for car loan interest.