Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
New Member

Uber driver car loan intrest, can I claim it

1 Reply
Expert Alumni

Uber driver car loan intrest, can I claim it

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.

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