You can enter the loan interest for a car used in your business under Other Common Business Expenses.
In TurboTax Self-Employed, enter the expenses on your Schedule C using these
steps:
- Click on the Business tab
> Continue > I'll choose what to work on
- On the Let’s gather your
business info screen, in the Business Income and Expenses section,
click the Start/Update button. (See Screenshot #1,
below.)
- If you have already started
adding information about your business, you will see the Here's the
business info we have so far screen. Click on the Edit box
next to the business. (Screenshot #2.)
- If you haven't already started
adding business information, continue through the screens to enter the
needed information.
-
You will now be on the Your
[business description] Business screen. In the Business
Expenses section, click on the Start/Update box next to Other Common Business Expenses. (Screenshot #3) [Most business expenses will be
added in this category.]
- On the screen, Let's write off some business expenses, click on the Start/Update box next to Interest Payments. (Screenshot #4)
- On the next screen, Interest Payments, click on the Start box next to Credit Card, Loan and Other Interest.
- Enter the interest paid on the next screen.
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