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Uber driver car loan intrest, can I claim it
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Get your taxes done using TurboTax
Yes , at least the portion that corresponds to your business. Here is what IRS Pub. 463 states:
Interest. If you are an employee, you can’t deduct any interest paid on a car loan. This applies even if you use the car 100% for business as an employee.
However, if you are self-employed (italics and bold added) and use your car in your business, you can deduct that part of the interest expense that represents your business use of the car. For example, if you use your car 60% for business, you can deduct 60% of the interest on Schedule C (Form 1040). You can’t deduct the part of the interest expense that represents your personal use of the car.
TurboTax will make your entries easy. Do the following:
1. Sign in to TurboTax Online, click take me to my return, then pick up where I left off
2. Click Search type Schedule C and Click Jump to Schedule C
3. Click Update on Income and Expenses, Edit on (Your Business) and Update or Add on Business Vehicle Expenses
You will have a series of
questions. Two of these questions will
be: how many miles did you drive for
[Uber] and how many total miles did you drive your car? Later, it will ask for additional deductions,
where the Loan interest is included.
Answer these three questions (along with the others related to your business),
and you will see your mileage and the
proportion of loan interest towards your business deducted.
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