PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can a car loan get you a tax refund?
I want to maximize my tax refund this year to add to my down payment for a house. Can I get a tax refund from my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting as much as possible back on your tax refund is always a smart and exciting move. But unless you use your car for business purposes, you can’t deduct your
car loan
or any related expenses related to car ownership.Unlike a mortgage, the interest on a car loan is not tax-deductible. In addition, you can’t deduct any expenses related to car ownership, including gas, maintenance, or mileage.
However, the situation changes if you own a business and use your car for business-related purposes. In this case, you can deduct:
You can also deduct a portion of these expenses if you use your car part of the time for business. Say you use your vehicle for 60% business and 40% personal. As a result, you could deduct 60% of these expenses on your taxes.
And although you can deduct car insurance as an expense, don’t leave money on the table by failing to shop around. The
Jerry
app gathers personalized quotes from 50+ top insurance providers, finding you the best rates and coverage in seconds! View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
.webp&w=384&q=75)
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
