Can interest on a car loan be deducted from taxes?

I’m thinking of upgrading my car in part so I can be an Uber driver and make some extra money. Can interest on my new car loan be deducted from my taxes?

Answer
One of the benefits of rideshare driving is you can deduct car loan interest from your taxes!
There are stipulations. You can only claim deductions for the time you drive for Uber; no personal driving will be included in these deductions. This is because you can only deduct car loans interest for your 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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