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Is Car Loan Interest Tax Deductible? – microsoft.com – 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.
Deducting Auto Expenses – Tax Guide – 1040.com – Interest in that case is considered personal interest by the IRS. Self-employed taxpayers may deduct car loan interest, provided they deduct only that portion related to business use of the vehicle. Taking the Deduction. To take a vehicle expense deduction for a business, first add the Schedule C – Business Income and Expenses screen to your.
Topic No. 505 Interest Expense | Internal Revenue Service – Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.
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