I am self employed and paid off my vehicle loan early, how can I deduct my loan payoff amount?

josephar2 · ‎January 25, 2022

LeonardS · ‎January 27, 2022

Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

LeonardS · ‎January 27, 2022

Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

I am self employed and paid off my vehicle loan early, how can I deduct my loan payoff amount?