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sonnyg
New Member

Can I deduct Finance Charges for my car ?

Where do I deduct the finance cost for my car ?
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IreneS
Intuit Alumni

Can I deduct Finance Charges for my car ?

 

 

If your car was only for personal use, you cannot deduct the finance charges.

 

If your car was used for your business, you can deduct the finance charges under Less Common Expenses, using these steps:

 

 

  1. Click on Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
  2. On the Your 20XX self-employed work summary screen, click on Edit next to your business.  
  3. On the Here's your [business] info screen, click on the box Add expenses for this work.  
  4. On the Tell us about any expenses screen, scroll down to Less Common Expenses, mark the radio button for Credit card, loan, and other interest... and click Continue at the bottom of the screen. 
  5. Enter the amount and description on the next page.  If you need more than one entry, click on Add another row. 

[Edited | 4/14/2020 |  11:57am PDT]

 

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1 Reply
IreneS
Intuit Alumni

Can I deduct Finance Charges for my car ?

 

 

If your car was only for personal use, you cannot deduct the finance charges.

 

If your car was used for your business, you can deduct the finance charges under Less Common Expenses, using these steps:

 

 

  1. Click on Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
  2. On the Your 20XX self-employed work summary screen, click on Edit next to your business.  
  3. On the Here's your [business] info screen, click on the box Add expenses for this work.  
  4. On the Tell us about any expenses screen, scroll down to Less Common Expenses, mark the radio button for Credit card, loan, and other interest... and click Continue at the bottom of the screen. 
  5. Enter the amount and description on the next page.  If you need more than one entry, click on Add another row. 

[Edited | 4/14/2020 |  11:57am PDT]

 

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