2007-01-14 11:06:23 · 3 answers · asked by chris c 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Only if it is a business owned automobile.
2007-01-14 11:27:30 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
If the vehicle is for personal use, the interest on the loan taken out against the vehicle is never deductible.
If the vehicle is used for business, and you are self-employed, then the percent of the interest attributable to business use is deductible on Schedule C.
If the vehicle is used for business, and you are an employee, the interest is not deductible.
2007-01-14 11:18:20 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
used to be - not now. It was phased out in the1980s (I think). That includes credit card interest
2007-01-15 06:53:12 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
No...it might if you can show that the vehicle is used for business.
2007-01-14 11:14:14 · answer #4 · answered by gemneye70 4 · 0⤊ 1⤋
No.
2007-01-14 11:13:53 · answer #5 · answered by Jamie316 3 · 0⤊ 0⤋