Yes
, at least the portion
that corresponds to your business. Here
is what IRS
Pub. 463 states:
Interest. If you are an employee, you
can’t deduct any interest paid on a car loan. This applies even if you use the
car 100% for business as an employee.
However, if you are self-employed (italics
and bold added) and use your car in your business, you can deduct that part of
the interest expense that represents your business use of the car. For example,
if you use your car 60% for business, you can deduct 60% of the interest on
Schedule C (Form 1040). You can’t deduct the part of the interest expense that
represents your personal use of the car.
TurboTax will make your entries easy. Do the following:
1.
Sign in to TurboTax
Online, click take me to my return, then pick up where I left off
2.
Click Search type Schedule
C and Click Jump to Schedule C
3.
Click Update on Income and
Expenses, Edit on (Your Business) and Update or Add on Business
Vehicle Expenses
You will have a series of
questions. Two of these questions will
be: how many miles did you drive for
[Uber] and how many total miles did you drive your car? Later, it will ask for additional deductions,
where the Loan interest is included.
Answer these three questions (along with the others related to your business),
and you will see your mileage and the
proportion of loan interest towards your business deducted.
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