Deduct vehicle loan interest

[Carson]

Can I deduct vehicle loan interest for a truck used for work while also deducting mileage?

[Marketstar · Accepted solution]

Yes, you can deduct vehicle loan interest if you cliam the standard mileage rate or actual expenses to be entered in the following area:

Type in schedule c in the search box, top right of your screen

Click on the first category Jump to schedule c link

Follow the prompts and online instructions

Arrive at the Your Business page

Scroll down to the Business Expense category

Click start or update next to Other Common Business Expenses category

Arrive at the Let's write off some business expenses page

Scroll down to the Interest Payments category to make your entry.