topic I financed a truck this year and all the payment went toward interest. Can this be deducted? in Get your taxes done using TurboTax

I financed a truck this year and all the payment went toward interest. Can this be deducted?

southerlandcase — Tue, 10 Feb 2026 09:07:08 GMT

Can I write off interest paid on a vehicle loan

Re: I financed a truck this year and all the payment went toward interest. Can this be deducted?

DoninGA — Tue, 30 Jan 2024 15:42:36 GMT

Interest paid on a vehicle loan is not deductible on a tax return if the vehicle is not used in a business.

Re: I financed a truck this year and all the payment went toward interest. Can this be deducted?

xmasbaby0 — Tue, 30 Jan 2024 15:44:00 GMT

Are you using the truck for business? Are you self-employed? If this is just your personal vehicle, the only thing you can enter about it is sales tax you paid. And sales tax is an itemized deduction that will have no effect on your tax due or refund unless you also have a lot of other itemized deductions like mortgage interest, medical expenses, charity donations, etc to enter.

You are posting your question from the Free Edition which does not support itemized deductions. Do you want to upgrade to a paid version to enter itemized deductions?

Re: I financed a truck this year and all the payment went toward interest. Can this be deducted?

TomK2023 — Tue, 30 Jan 2024 15:49:26 GMT

No, not if it is a vehicle for personal use. If the vehicle is used for your business, then interest can be deducted on your Schedule C.