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Business & farm
No, you cannot deduct the down payment and loan payments. You can recover the cost of the vehicle in one of two ways. As mentioned above, the standard mileage deduction is meant to cover all vehicle expenses including depreciation, or you could choose the actual expenses where a specific depreciation expenses is calculated. Either way, the cost of your vehicle is covered as long as you use it for business purposes.
‎June 3, 2019
11:07 AM