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msthoren
New Member

I received a 2023 loan interest statement for my car loan for the first time ever, is this something I have to enter in for taxes?

 
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2 Replies

I received a 2023 loan interest statement for my car loan for the first time ever, is this something I have to enter in for taxes?

Interest on a personal car loan is never tax deductible.   If you use the car for a self-employed business, and you use the exact expense method instead of the standard mileage method, interest is one of the deductible business expenses you can include. 

DawnC
Employee Tax Expert

I received a 2023 loan interest statement for my car loan for the first time ever, is this something I have to enter in for taxes?

No, that interest is not tax-deductible.   If you used the vehicle for business purposes, you may need it, so keep it with your tax records, but you do not need to include it with your personal tax return.  

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