turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I input expenses on new purchased car even if I am not done paying it?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Can I input expenses on new purchased car even if I am not done paying it?

What expenses?  Is this a car you use for business?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Vanessa A
Expert Alumni

Can I input expenses on new purchased car even if I am not done paying it?

You cannot take any deduction for a personal use vehicle.

 

If this is a business use vehicle, then once you take on the liability of the loan, then it is counted as you paying for it when it comes to taxes. 

 

Cars are not in general deductible.  The times when you get any tax breaks for a vehicle are 

  1. When you buy an eligible new or used EV and are eligible for the Clean Vehicle Credit
  2. When the vehicle is used for business, you can then enter your expenses, depreciate or take a mileage deduction. 
  3. You are itemizing your return and claiming the sale tax you paid as a deduction. 
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies