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Can you write off car loan interest?
I was reading that I might be eligible to write off my car loan interest if I use the car for business. Do I need any tax documents to write this off? And is it even possible to write off car loan interest?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m happy to say that as a business owner, you definitely can write off
car loan
interest—if you use the car for business purposes!If the car is used 100% of the time for business, you can write off 100% of the interest. However, if you only use the car for business partially, you’ll have to determine the percentage of time you use it for business. You can then deduct this same amount from your car loan interest.
Other car-based deductions you can take if you’re self-employed or use your car for business include:
- Vehicle maintenance
- Tolls and parking fees
- Gasoline
- Car insurance
While a tax write-off is a great tool to lower your tax liability, saving money on your insurance from the onset is also a great idea. That’s when you should use the
Jerry
app—we’ll get you customized quotes from different top-of-the-line providers, so that all you have to do is pick the plan that works best for you!Best of luck, and enjoy saving your money!
View full answer
- Gregory R.
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