2007-01-11 11:52:53 · 7 answers · asked by thejokker 5 in Business & Finance ➔ Taxes ➔ United States
Only if it's a LEASED business car. If it's personal, then no. If you search IRS.gov, you can find some answers to questions. There's a lot of stuff on there, but sometimes you can get a straight answer.
2007-01-11 11:57:37 · answer #1 · answered by LifesAMystery 3 · 1⤊ 0⤋
Generally, no. Interest that you paid on chattel loans of any kind, including on motor vehicles, is generally NOT DEDUCTIBLE.
The only potential exception might be as part of a business expense calculation, if you are self-employed, using that car as a necessary item in your work (filing a Schedule C or a Schedule SE), and you documented on paper, throughout the year, accurately, what mileage, of the total annual mileage (and thereby what % of the car expense) was for that self-employment business. A Realtor, for example. But this is an uncommon exception.
2007-01-11 20:04:13 · answer #2 · answered by JackN 3 · 0⤊ 0⤋
Only if you use the car for business purposes. And commuting back and forth from home to your job doesn't count.
2007-01-11 21:46:09 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
No way bro, unless the auto is used for business.
2007-01-11 19:57:56 · answer #4 · answered by tma 6 · 1⤊ 0⤋
No, unless you use your car for business purposes.
2007-01-11 21:15:05 · answer #5 · answered by Steve 6 · 0⤊ 0⤋
Not if the automobile is only used for personal use.
2007-01-11 20:00:42 · answer #6 · answered by beached42 4 · 0⤊ 0⤋
Only if you want to go to prison.
2007-01-11 20:51:22 · answer #7 · answered by Dark Helmet 2 · 0⤊ 0⤋