Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 23, 2025 10:06:59 AM

Can you deduct the interest paid on vehicle’s? If so, where?

All vehicles financed through a bank institution.

0 2 1454
2 Replies
Level 15
Feb 23, 2025 10:08:02 AM

For vehicles used for your business?  Or your own personal use vehicles?

Expert Alumni
Feb 23, 2025 10:12:42 AM

The interest on a vehicle used for personal purposes is not deductible. The only time it would be deductible in 2024 is if you were self-employed, in which case you could deduct it under Business Expenses and then Business Vehicle Expense where you enter your business income and expenses.