I purchased a new vehicle (traded in my old vehicle). I use this vehicle in both of my small businesses and deduct my mileage. I have 2 schedule C's. Can I claim the interest on the vehicle loan on both schedule C's or only one?
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1 Best answer
AmeliesUncle
Level 15
Feb 26, 2021 8:32:00 PM
Enter it on both. The program prorates the expenses based on the business percentage for that business, so you need to enter the expenses on both.
1 Replies
AmeliesUncle
Level 15
Feb 26, 2021 8:32:00 PM
Enter it on both. The program prorates the expenses based on the business percentage for that business, so you need to enter the expenses on both.