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Do I list my car interest twice on multiple schedule c's?

I divided my Schedule c between my two lines of business; one section is my painting income, and the other is my uber eats. On both, it asks for my business mileage for that particular type of work, and miles total driven for the year, as well as for the car loan interest paid; to determine the share of interest i can deduct. Do i list the interest paid on both lines of work? Or is that going to "double" my deduction for car interest on my return? 

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1 Reply
DavidD66
Expert Alumni

Do I list my car interest twice on multiple schedule c's?

Yes.  When you enter your mileage information for each business, the program will calculate that business' percentage of your total mileage and apply that percent to your interest expense to determine that businesses deduction.  For example, let's say your total mileage for the year was 30,000, and each business was 10,000.  If interest on your car loan was $6,000, the program would calculate a $2,000 interest deduction for each business.  

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