Are car loan payments tax deductible?

I run my own snowplowing business where it’s just me and my truck to make a few extra bucks in the winter. Am I able to use its loan as a tax deduction?

You actually should be able to! Of course, there is a caveat and it’s why most people can’t use their loan payments as a tax deduction: you can only use a loan as tax-deductible if the vehicle is for a business.
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Will Baldwin
Answered on Dec 03, 2021
Will Baldwin is a graduate of Ryerson’s School of Journalism with three years of experience writing and freelancing for multiple publications including The Globe and Mail. With a deep interest in geography, economics, and politics, he has come to be extremely interested in the relationship of personal finances and culture with the auto industry as one of the forefronts of his interest. When not writing, he’s an avid sports fan who splits his time between watching too much basketball and having his heartbroken by the New Orleans Saints. Will is based in Toronto, Ontario.

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