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 Mar 24, 2025 10:44:16 AM

I purchased a vehicle that is used 100% for business. I am taking annual asset depreciation and also taking mileage deduction. Can I also write off monthly car payment?

0 1 2238
1 Replies
Expert Alumni
Mar 24, 2025 10:51:02 AM

You can't take depreciation and deduct the standard mileage rate too.    You can take actual expenses and depreciation OR you can take the standard mileage rate which includes a depreciation component.   

 

You can deduct the interest portion of your car payment - whether you use the actual or standard mileage deduction.  

 

Business Vehicle Deductions 

 

Can I Deduct Mileage?