Solved: Hello sorry but I never added my car payments to this years or last years return was wondering if I should have
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Hello sorry but I never added my car payments to this years or last years return was wondering if I should have

 
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New Member

Hello sorry but I never added my car payments to this years or last years return was wondering if I should have

You could possibly deduct the interest from your car loan or your car lease payments, if the car is a business vehicle and you are going to deduct the actual vehicle expenses of that car instead of deducting the standard mileage rate.

The interest on the car loan, or car lease payments are only deductible by the percentage of business use on that vehicle. You need to track business  and total mileage each year in order to correctly document (and substantiate) vehicle expense deductions.

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New Member

Hello sorry but I never added my car payments to this years or last years return was wondering if I should have

You could possibly deduct the interest from your car loan or your car lease payments, if the car is a business vehicle and you are going to deduct the actual vehicle expenses of that car instead of deducting the standard mileage rate.

The interest on the car loan, or car lease payments are only deductible by the percentage of business use on that vehicle. You need to track business  and total mileage each year in order to correctly document (and substantiate) vehicle expense deductions.

View solution in original post

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