Can we claim car loan interest on taxes?

I just started driving for Lyft and am curious, can we claim car loan interest on taxes as Lyft drivers?

Answer
One of the fun benefits of being a rideshare driver is you actually can do this! Normally, to be able to claim car loan interest, you have to work for yourself and not a larger business. However, thanks to Lyft, Uber, and other rideshare business models, you can claim some of your loan’s interest on taxes!
You’re only eligible to claim a percentage because it must active driving for Lyft. Even if you have a second job and use the car for your commute, that time isn’t eligible.
Keep in mind that there is certain insurance you need as a rideshare driver. Jerry makes it easy to know what kind of insurance you need for different times. Jerry’s agents are only a call or text away! Once you know what kind of insurance you need, Jerry will compare personalized rates with more than 50 top providers and deliver the best deals to your phone for free. ​​The average Jerry driver saves $879 a year on car insurance!
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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