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I financed a truck this year and all the payment went toward interest. Can this be deducted?

Can I write off interest paid on a vehicle loan
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3 Replies

I financed a truck this year and all the payment went toward interest. Can this be deducted?

Interest paid on a vehicle loan is not deductible on a tax return if the vehicle is not used in a business.

I financed a truck this year and all the payment went toward interest. Can this be deducted?

Are you using the truck for business?   Are you self-employed?   If this is just your personal vehicle, the only thing you can enter about  it is sales tax you paid.  And sales tax is an itemized deduction that will have no effect on your tax due or refund unless you also have a lot of other itemized deductions like mortgage interest, medical expenses, charity donations, etc to enter.

 

You are posting your question from the Free Edition which does not support itemized deductions.   Do you want to upgrade to a paid version to enter itemized deductions?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
TomK2023
Employee Tax Expert

I financed a truck this year and all the payment went toward interest. Can this be deducted?

No, not if it is a vehicle for personal use.  If the vehicle is used for your business, then interest can be deducted on your Schedule C.

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