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Is car loan interest tax deductible? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing independent and objective content, by enabling users to conduct research and examine information for no cost to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website come from companies that pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not contain the universe of companies or financial deals that might be open to you. SHARE: Luis Alvarez/Getty Images

2 minutes read. Published March 8, 2023,

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched information that reduces complex topics into manageable bites. The Bankrate promise

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There are money-related questions. Bankrate has answers. Our experts have been helping you manage your money for over four years. We continually strive to give our customers the right advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial staff is objective, truthful and uninfluenced through our sponsors. We’re transparent about how we are capable of bringing high-quality content, competitive rates and helpful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods or services, or through you clicking specific links on our website. So, this compensation can affect the way, location and in what order the products are listed within categories, unless it is prohibited by law for our mortgage or home equity, and other home loan products. Other factors, such as our own rules for our website and whether or not a product is offered in the area you reside in or is within your own personal credit score can also impact how and when products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. A car you use for some or all the time to run your business could provide tax advantages. The most well-known benefit of this is the typical mileage deduction a rate set by the IRS that small business owners as well as self-employed people can use to write off some of the costs associated with operating a vehicle for business purposes. But it’s not the only deduction available to those who own a car to meet business requirements. If you have a you may also be able to deduct the interest when filing Federal tax return. Is interest on the car loan deductible?

Car loan interest can be deducted in certain instances when you are using your car for business purposes.

If you are able to claim deductions for the cost of a car loan interest from your taxes Only individuals who are self-employed or have an enterprise and have the right to take advantage of a tax deduction for automobile loan interest. If you are an employee of someone else’s business, you can’t claim this deduction. Additionally, the interest you pay on the loan that is used to purchase a car solely for personal use is not deductable. If the car in question is used for personal and professional requirements, the process of claiming this tax deduction can be a bit more complex. You need to determine the percentage of time the vehicle is driven to meet business needs , and apply that number on what you claim as the loan interest deduction that you claim on tax returns. If, for instance, you drive the vehicle 50 percent of the time for business purposes, you can only deduct 50% of the loan interest on your tax returns. If you have to pay $1,000 interest on your car loan every year, you are able to only claim a $500 deduction. If however the vehicle is exclusively for business use and you are a business owner, the entire amount of interest could be deducted. Documentation to document any type of tax returns, it is best to keep accurate documents and records. It is important to be able to verify all expenses should questions or audits ever occur. A few records you should keep for the purposes of claiming the deduction for auto loan credit on tax return are an account or log of every trip you take by the vehicle for business use, which includes an odometer log mileage. Car loan payments records that verify the interest paid. While you aren’t able to claim tolls or parking as part of your car loan interest deduction, you may also be required to keep these kinds of receipts if they in proving it was used to conduct business use. Bankrate tip

Keep supporting documentation for at least 3 years after the date you file the tax return.

If you’re not sure, consult a professional It’s best to seek out a professional when: There’s a question about whether you’re eligible for the auto loan interest deduction. You’re confused of how to calculate the exact amount of the deduction that should claim on your tax return A professional can guide you through the procedure and help you determine if the deduction is suitable for your unique situation. For example, if you are using the vehicle for personal or business uses, it may not be appropriate to claim an auto loan interest deduction when the business use of the vehicle is not that significant. Bankrate tip

This deduction could require more work than it’s worth if you use the vehicle to conduct business less than 50 percent of the time.

The bottom line: Deducting car loan interest on your tax returns is beneficial if you’re self-employed or a freelancer. But before you claim this deduction, you must be sure that you are eligible. Talk to a tax expert in case you’re not sure how to calculate the exact amount you’ll be eligible for.

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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-researched and well-written facts that break down otherwise complex topics into manageable bites.

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