The car is use only for private. If interest on home mortgage is deductible, I wonder if interest on car leasing is deductible too ??
2006-11-19 12:21:37 · 3 answers · asked by Lily 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
No, there's a special law to allow deduction of home mortgage interest, but it doesn't allow you to deduct other personal interest like car payments or leases, unless you have a business and the car is used for your business.
2006-11-19 12:33:38 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
NO not for personal use, if you are using the car for business only then yes you could deduct interest.
2006-11-19 12:28:54 · answer #2 · answered by trollwzrd 3 · 1⤊ 0⤋
The crucial great element approximately leasing for a corporation is that record conserving is plenty less demanding. you do not could desire to handle depreciation schedules, depreciation recapture, etc. you in basic terms deduct your hire money, gas, assurance, upkeep, etc. and you're finished.
2016-12-29 05:44:50 · answer #3 · answered by shiner 3 · 0⤊ 0⤋