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?
021415
2 Replies
Opus 17
Level 15
Jan 29, 2024 5:01:50 PM
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
Expert Alumni
Jan 29, 2024 5:08:56 PM
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.