Is the interest on my financed vehicle, which I used for work,( not just commuting), deductible?

yorahkote · ‎June 6, 2019

WillK · ‎June 6, 2019

Yes. You can deduct the percentage of the interest you paid based on the percentage that the car was used for work. For example, if your car interest totally $2,000 for the year, and the car was used 60% of the time for work you could deduct $1,200 of the interest as a work expense.

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WillK · ‎June 6, 2019

Yes. You can deduct the percentage of the interest you paid based on the percentage that the car was used for work. For example, if your car interest totally $2,000 for the year, and the car was used 60% of the time for work you could deduct $1,200 of the interest as a work expense.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Is the interest on my financed vehicle, which I used for work,( not just commuting), deductible?