SabrinaD2
Expert Alumni

Get your taxes done using TurboTax

If you are asking whether you should add your financed car, the answer is yes. If the car was for personal use, no reporting is needed unless you are trying to qualify for a specific deduction or credit, such as the EV credit.

 

For business use, report it as a major asset and deduct depreciation and interest as applicable

 

For more detailed information, you can refer to the IRS guidelines on reporting car expenses and clean vehicle tax credits.

 

If additional information is needed, let us know.