I am currently paying on 2 cars. Can I claim the interest on my return? If so how?
Thanks
2007-01-26 10:55:14 · 7 answers · asked by kat 1 in Business & Finance ➔ Taxes ➔ United States
If the cars were bought for private use, you cannot claim the interest on your return, if on the other hand they were bought by a company (corporations etc.), then you can claim the cost of the cars as business expenditures.
2007-01-26 11:01:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, you cannot deduct the interest on a car loan unless it is a legitimate business expense.
2007-01-26 11:17:18 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I don't think you can. However... I paid off my car with a home equity loan awhile back, and THEN the interest was tax deductible.
2007-01-26 11:27:24 · answer #3 · answered by kittikatti69 4 · 0⤊ 0⤋
Only if you own your own business, and that car is used exclusively in your business.
2007-01-26 14:05:46 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Ask your accountant if that can be done, the laws changes so many times.
2007-01-26 11:00:11 · answer #5 · answered by maria fkun 4 · 0⤊ 1⤋
Not any more, you used to be able to. You may be able to if it's for business.
2007-01-26 11:03:57 · answer #6 · answered by booboo 7 · 0⤊ 0⤋
No
2007-01-26 11:03:46 · answer #7 · answered by Box815 3 · 0⤊ 0⤋