What section of the tax form does this go into
2007-04-16 08:34:56 · 7 answers · asked by Tapan D 1 in Business & Finance ➔ Taxes ➔ United States
You can deduct financing expenses for your car only if you are schedule C filer and using actual car expenses instead of standard rate 44.5 cents per mile.
Line 9 of Schedule C. For instruction, go to http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Best wishes
2007-04-16 08:42:11 · answer #1 · answered by JQT 6 · 1⤊ 0⤋
If its for a personal loan, it is not tax deductible.
Interest expense on a car loan that is a business asset, is deductible, either as a Schedule C or Form 2106 business expense.
2007-04-16 17:53:26 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋
You can deduct that on your schedule C, if you use the car for your business.
You can deduct that on your schedule E, if you use it for a real estate management (you may want to deprecate the car also, if it is not leased)
You can also deduct it if you take refinance your home to buy the car, but then the loan is a second mortgage, and that is on schedule A.
...FYI: otherwise you can not deduct it.
luck
2007-04-16 16:29:09 · answer #3 · answered by thevoiceofreason2b 5 · 1⤊ 0⤋
If it's your personal car, you don't. If it's a car for a business you run, some of all of it might be deductible on your schedule C
2007-04-16 20:11:22 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Unless the vehicle is used for business use, that's not deductible.
2007-04-16 15:47:57 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It's not a deductible expense.
2007-04-16 15:38:32 · answer #6 · answered by momzadork 3 · 1⤊ 1⤋
You can't deduct that.
2007-04-16 15:43:06 · answer #7 · answered by where's waldo?? 2 · 0⤊ 1⤋