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Can I file my car loan on my taxes?
I've read about little hacks to save on your taxes and I found that you can write off mortgage interest. Can you do the same with car loan interest?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you can definitely deduct mortgage tax on your income, you typically cannot do the same for your
car loan
.However, you can deduct car loan interest, mileage, and other costs if you use your car for business. If you use your car for business use part of the time, you must estimate how much you use it for business versus personal driving. For example, if you drive the car for business 50% of the time, you could deduct 50% of the ownership costs.
You may also be eligible to deduct:
However, you shouldn’t rely on tax deductions alone to save money. If your financial situation has changed since you took out your last auto loan, it may be time to refinance. Download
Jerry
to see if refinancing your car loan can save you hundreds of dollars per month.View full answer
- Gregory R.
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