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Returning Member
posted Mar 15, 2024 10:39:13 AM

Can I claim interest payments when my car is 100% business use?

I used my car for Uber Lyft 100% business use in 2023. Can I claim all interest payments on my car?

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1 Replies
Expert Alumni
Mar 15, 2024 11:10:05 AM

If you use a vehicle for business purposes may claim a tax deduction for car loan interest.

Business use of car 

 

The law requires that you substantiate your expenses by adequate records or by sufficient evidence to support your own statement. For further information on recordkeeping, refer to Topic no. 305.

 

For more information check: What self-employed expenses can I deduct?